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| Govt cuts windfall tax | | | Early Times Report
NEW DELHI, Sept 17: The government has cut windfall gains tax on export of petrol, diesel and ATF for the fortnight beginning September 16.
The rate of special additional excise duty (SAED) along with road and infrastructure cess on export of diesel is now Rs 20 per litre, down from Rs 25 a litre. SAED on export of ATF is set at Rs 15/litre, as against 19/litre earlier.
Duty on petrol exports has been slashed to Rs 0.5 per litre effective September 16, from Rs 1.5 per litre in the previous fortnight.
The Finance ministry in a notification said the duty hikes will be effective from September 16.
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 that 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. |
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