Govt trims windfall tax on petrol, diesel, ATF exports
text_fields
New Delhi: The government has reduced the windfall gains tax on exports of petrol, diesel and aviation turbine fuel (ATF) for the fortnight starting September 16.
In a notification, the Finance Ministry said the special additional excise duty (SAED), along with road and infrastructure cess, on diesel exports has been lowered to Rs 20 per litre from Rs 25 per litre. The SAED on ATF exports has been cut to Rs 15 per litre from Rs 19 per litre.
The levy on petrol exports has been sharply reduced to Rs 0.5 per litre, down from Rs 1.5 per litre in the previous two-week period.
The revised rates come into effect from September 16.
Amid rising tensions in West Asia, the government first imposed export duties on diesel and ATF on March 27, revising the rates every fortnight. The levy was extended to petrol exports from May 16.
The Ministry said there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption.
The windfall tax was introduced to boost domestic availability of fuels during the West Asia conflict and to stop exporters from cashing in on the gap between higher global crude prices and domestic rates. By making exports less attractive, the measure aimed to keep more petroleum products in the local market.