From Union Budget 2023, the government has reduced the duty on export of diesel by 6 rupees 50 paise, exemption on ATF also
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New Delhi : Before presenting the Union Budget 2023 in Parliament, the government has announced a reduction in duty on the export of diesel and aviation fuel (ATF). According to the report of the news agency Bhasha, the government has cut the duty by Rs 6.50 on the windfall profit from the export of diesel. The decision to cut the duty of both these essential fuels has been taken by the government in view of the fall in the prices of crude oil in the international market. According to reports, the government has cut windfall profit tax on exports of diesel and aviation fuel (ATF) along with domestically produced crude oil. This order was issued on 16 January.
New rates effective from January 17
An official order said that windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been reduced from Rs 2,100 per tonne to Rs 1,900 per tonne. Crude oil is refined and converted into fuels like petrol, diesel and ATF. Apart from this, the government has reduced the tax on export of diesel from Rs 6.5 to Rs 5 per litre. Tax on export of ATF has been reduced from Rs 4.5 to Rs 3.5 per litre. The new rates are effective from January 17.
Fee was increased in early January
Windfall profit tax on domestically produced crude oil was first imposed in July 2022. The windfall profit tax rate on this is currently the second lowest. In the second fortnight of December 2022, the tax on domestic crude oil was Rs 1,700 per tonne. Earlier, tax rates were increased in the fortnightly review of January 3. At that time crude oil had strengthened globally. Since then, international crude oil prices have come down.
The fee was imposed for the first time in India on 1 July 2022
For the first time, India imposed windfall profit tax on July 1, 2022. In this way, India had joined those few countries, which levy tax on higher than normal profits of energy companies. At that time, an export duty of Rs 6 per liter ($12 per barrel) was imposed on petrol and ATF and Rs 13 per liter ($26 per barrel) on diesel. In addition, a windfall profit tax of Rs 23,250 per tonne ($40 per barrel) was imposed on domestic crude oil. Export tax on petrol was abolished in the first review itself. The tax rates are reviewed every fortnight based on the average price of crude oil for the last two weeks.
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