The export duty on petrol diesel and aviation turbine fuel (ATF) will continue to be nil. The new rates will be effective May 1, the central board of Indirect Taxes and Customs( CBIC) said in a late night notification Tuesday. The government had on April 16 raised the windfall tax on petroleum crude to 9,600 rupees a metric ton from 6,800 rupees.
The Finance Ministry of India has reduced the special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne, effective October 18. The windfall tax on domestically produced crude oil was previously fixed at Rs 12,100 per tonne. Additionally, the duty on diesel exports will be reduced from Rs 5 per litre to Rs 4 per litre, while the tariff on jet fuel will be lowered from Rs 2.5/litre to Rs 1/litre.
Petrol Prices: Today s revision in windfall tax on domestic crude comes on the back of rising global oil prices. India had cut the windfall tax on petroleum crude to zero from INR 4,100 per tonne, in May.
Today s revision in windfall tax on domestic crude comes on the back of rising global oil prices. India had cut the windfall tax on petroleum crude to zero from Rs 4,100 per tonne, in May.