Government cuts windfall tax on diesel, ATF
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- ✓The Finance Ministry cut the windfall tax on diesel and jet fuel starting Thursday.
- ✓The export levy on diesel fell to ₹16 a litre from ₹20, while ATF dropped to ₹10.5 a litre.
- ✓The Ministry said, "There is no change in the existing excise duty rates on petrol and diesel."
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- BUSINESS
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- India Economy
Finance Ministry has cut windfall tax on diesel and jet fuel (ATF or Aviation Turbine Fuel) with effect from Thursday. There is no change in domestic levy.
Windfall tax is better known as export levies and combination of Special Additional Excise Duty (SAED)/Road and Infrastructure Cess (RIC).
Per notification, export levy on diesel has been cut to ₹16 a litre from ₹20 a litre. On ATF, it will be ₹10.5 a litre as against ₹15. There is no change in levies on petrol, and it will remain at ₹0.50 a litre.
These levies were introduced with effect from March 27 to ensure domestic availability of petroleum products by disincentivising exports in the backdrop of the West Asia crises. The rates are revised on a fortnightly basis, and the last such revision was undertaken with effect from September 16. The rates are prescribed based on the average international prices of crude oil, petrol, diesel and ATF prevailing during the period since the last review.
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