The government on Wednesday cut the windfall gains tax on export of diesel and Aviation Turbine Fuel (ATF) for the fortnight beginning October 1, while retaining it at the same level for petrol.
The rate of special additional excise duty (SAED) along with road and infrastructure cess on export of diesel has now been reduced to Rs 16 per litre from Rs 20 a litre. SAED on export of ATF has been slashed to Rs 10.5 per litre from Rs 15 per litre.
However, duty on petrol exports has been kept unchanged at Rs 0.5 per litre for the next fortnight.
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The duty hikes will be effective from October 1, according to the Finance Ministry notification
The ministry also said that there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption.
The Government had imposed an export duty on diesel and ATF on March 27 and revised the rate every fortnight amid escalating US-Iran war in West Asia. The levy was imposed on petrol exports beginning May 16.
The windfall tax was introduced to increase domestic availability of the fuel amid the Middle East war. 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.
(With inputs from PTI)
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