Windfall tax cut on petrol, diesel, jet fuel, crude oil
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NEW DELHI: Windfall tax on petrol, diesel, jet fuel and crude oil was reduced by the government on Wednesday after a fall in international rates.
The tax on petrol exports, which used to be Rs 6, was waived and a reduction from Rs 6 to Rs 4 per litre in Aviation Turbine Fuel (ATF) form was announced, PTI reported.
Also, the tax on diesel has been reduced from Rs 13 to Rs 11 per litre, according to a finance ministry notification. Also, the additional tax levied on domestically produced crude oil from Rs 23,250 per tonne has been reduced to Rs 17,000 per tonne.
The government had on July 1 imposed new taxes on exports of petrol, fuel and ATF and domestic sales of crude oil, taking into account runaway global prices, with plans to review the tax levels every fortnight.