New Delhi, September 17 (IANS). The central government has cut windfall tax and export duty on exports of petrol, diesel and aviation turbine fuel (ATF) as part of its review of duties on petroleum products.
According to the notification of the Finance Ministry, the duty on export of petrol has been reduced to Rs 0.5 per liter. This includes Special Additional Excise Duty (SAED) of Rs 0.5 per litre, while Revenue Integration Charge (RIC) remains at zero.
The duty for diesel has been reduced to Rs 20 per litre. This includes SAED at Rs 20 per liter and no RIC.
Additionally, duty on export of ATF has been reduced to Rs 15 per liter through SAED.
The ministry said there has been no change in the existing excise duty rates on petrol and diesel released for domestic consumption.
The government reviews windfall tax on domestically produced crude oil and export duty on petroleum products every fortnight. This review is done on the basis of changes in global crude oil prices and refinery margins.
This latest amendment comes after several changes made in the export duty of petroleum products in the last few months. During this period, fluctuations in international oil prices and geopolitical tension have been seen.
In the last review, effective September 1, the government had reduced export duty on diesel from Rs 3 per liter to Rs 1 per liter and windfall tax on diesel exports from Rs 24 to Rs 19 per litre.
In August, the government had increased the export duty on petrol from Rs 2.5 to Rs 3.5 per litre. The total duty on diesel was increased from Rs 15.5 to Rs 25.5 per litre, while the duty on export of ATF was increased from Rs 14.5 to Rs 22 per litre.
–IANS
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