Government hikes windfall tax on diesel and ATF exports
The levy on petrol exports has been slashed to zero for the fortnight beginning October 31.
The government on Saturday increased the windfall gains tax on diesel and ATF exports and reduced the petrol export levy to zero for the fortnight starting October 31.
According to a notification from the finance ministry, the duty on ATF exports has risen marginally to Rs 11 per litre from Rs 10.5 per litre.
For diesel exports, the special additional excise duty (SAED), including road and infrastructure cess, has increased to Rs 11.5 a litre from Rs 8.5 a litre.
The duty on petrol exports has been cut to nil from the previous rate of Rs 2.5 per litre.
The ministry stated that existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged.
The windfall tax was intended to ensure domestic fuel availability and prevent exporters from taking advantage of price differences amid the West Asia crises.