New Delhi, Oct 31 (PTI) The government on Saturday hiked windfall gains tax on export of diesel and ATF and slashed the levy to zero on petrol for the fortnight beginning October 31.
For ATF exports, the duty has been hiked marginally to Rs 11/litre, from Rs 10.5/litre for the fortnight.
The rate of special additional excise duty (SAED), along with road and infrastructure cess on export of diesel, will now be Rs 11.5 a litre, up from Rs 8.5 a litre.
Duty on petrol exports has been slashed to nil, from Rs 2.5 per litre, for the next fortnight.
The finance ministry in a notification said the duty changes will be effective from October 31.
Amid escalating tensions in West Asia, the government imposed an export duty on diesel and ATF on March 27 and revised the rate every fortnight. Beginning May 16, the levy was imposed on petrol exports.
The ministry also said there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption.
The windfall tax was levied to increase domestic availability of the fuel amid the war in West Asia. It was also aimed at preventing exporters from taking undue advantage due to price differences as global crude oil prices had risen since the war began.
The windfall tax was intended to ensure domestic availability of petroleum products by disincentivising exports amid the West Asia crises. PTI JD TRB
TRB
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.