Windfall tax on crude oil reduced, duty on export of diesel and ATF increased. Loktej Business News
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New Delhi, 02 September (Hindustan Times). The central government has reduced windfall tax (windfall tax) on export of crude oil produced in the country. The government has reduced the windfall tax on domestic crude oil to Rs 6,700 per tonne. However, the cess on exports of diesel and aviation fuel (ATF) has been increased. The new rates have come into effect from Saturday.
According to an official notification issued by the government, the windfall tax on domestically produced crude oil has been reduced to Rs 6,700 per tonne from Rs 7,100 per tonne earlier. Similarly, the Special Additional Excise Duty (SAED) on export of diesel has been increased to Rs 6 per liter from Rs 5.50 per liter earlier.
As per the notification, the SAED levied on jet fuel has been increased from Rs 2 per liter to Rs 4 per litre. However, the SAED on exports of petrol remains zero. Significantly, for the first time on July 1, 2022, the Center had imposed windfall tax on the export of crude oil. The government reviews it every 15 days.
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