NEW DELHI: Govt Saturday increased the windfall gains tax on exports of diesel and jet fuel (ATF), while slashing the levy to zero on petrol for the fortnight beginning Oct 31.There is no change in excise duty on petrol and diesel for domestic consumption.According to a notification issued by the finance ministry, the rate of special additional excise duty (SAED) on diesel exports has been increased to Rs 11.5 a litre from Rs 8.5 a litre, while it has been marginally raised to Rs 11 per litre from Rs 10.5 a litre on ATF exports. The duty on petrol exports has been slashed to nil from Rs 2.5 per litre for the next fortnight.The windfall tax – comprising SAED and road and infrastructure cess – on exports of petrol, diesel and ATF was introduced on March 27 to ensure domestic availability of petroleum products by discouraging overseas sales amid the West Asia crisis. The rates are determined by the average international prices of crude oil, petrol, diesel and ATF prevailing since the last review.
✍️ Vikrant Kharwar
Vikrant Kharwar is the Founder and Editor of News Us Media. He writes about trending news, sports, entertainment, technology, and viral stories. His goal is to make news simple, informative, and easy to understand for readers across the United States and around the world.
