Petrol Tax Zero: The Finance Ministry issued a notification on the last day of October saying that the government has decided to remove the levy on petrol shipment.
Government removed export duty before Diwali, what decision was taken on diesel-ATF?
Petrol Tax Zero: Before Diwali, the Central Government has taken a big decision. The Finance Ministry of the Central Government issued a notification saying that the export duty on petrol has been removed. At the same time, tax on diesel and air fuel i.e. Air Turbine Fuel (ATF) has been increased. Now only one question is arising in everyone’s mind whether the price of petrol will reduce now? Know everything here.
The Finance Ministry issued a notification on the last day of October saying that the government has decided to remove the levy on petrol shipment. Whereas windfall tax on diesel and ATF has been increased. This decision has been taken due to continuous fluctuations in the global energy market and geopolitical tension in West Asia. This has been implemented only for two weeks.
How much did the tax increase?
Till now there was an export duty of Rs 2.50 per liter on petrol, which has now been reduced to zero. At the same time, the export duty on ATF has been increased from Rs 10.50 to Rs 11 per liter. The price on diesel has also been increased from Rs 8.50 per liter to Rs 11.50 per liter. That means it has been directly increased by Rs 3 per litre. However, this will be applicable only for 2 weeks.
Will petrol become cheaper?
The price of petrol may reduce due to reduction in windfall tax, but there will be no impact on the common man. That means the common man will get petrol for the same amount of rupees. There will be no difference. The government wants to earn additional profits by imposing taxes amid geopolitical tension.