NEW DELHI, SEPT 17: The Government has reduced the windfall tax on exports of petrol, diesel and aviation turbine fuel (ATF) for the fortnight beginning September 16.
According to a notification issued by the Finance Ministry, the combined Special Additional Excise Duty (SAED) and Road and Infrastructure Cess on diesel exports has been reduced to ₹20 per litre, from the earlier ₹25 per litre.
The tax on ATF exports has also been cut to ₹15 per litre, compared with ₹19 per litre during the previous fortnight.
Meanwhile, the duty on petrol exports has been sharply reduced to ₹0.50 per litre, from ₹1.50 per litre previously.
The revised rates came into effect from September 16, as per the Finance Ministry notification.
The Government had introduced export duties on diesel and ATF on March 27, amid rising tensions in West Asia, and has since been reviewing the rates every fortnight. The levy on petrol exports was introduced from May 16.
The Ministry clarified that there has been no change in the existing duty rates on petrol and diesel meant for domestic consumption.
The windfall tax was introduced against the backdrop of the West Asia conflict and rising global crude oil prices. The measure was aimed at encouraging domestic availability of petroleum products and discouraging excessive exports when international prices were elevated.
The Government had also sought to prevent exporters from gaining an undue advantage from differences between domestic and international fuel prices.
The latest reduction in export duties comes as authorities continue to review the levy based on global crude oil and petroleum product prices, as well as prevailing market conditions.
