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Govt Imposes Rs 3/Litre Windfall Tax On Petrol Exports
Govt Imposes Rs 3/Litre Windfall Tax On Petrol Exports, Cuts Diesel, ATF Levies
Centre imposes windfall tax of Rs 3 per litre on petrol exports, cuts levy on diesel and aviation turbine fuel, new rates effective from May 16.
The Centre on Friday imposed a windfall gains tax of Rs 3/litre on the export of petrol, while cutting the levy on diesel and aviation turbine fuel (ATF). The revised rates will come into effect from May 16.
According to a notification issued by the Finance Ministry, the windfall tax on diesel exports has been reduced to Rs 16.5 per litre, while the levy on ATF exports has been lowered to Rs 16 per litre, PTI reported.
The ministry also stated that the road and infrastructure cess on exports of petrol and diesel will remain nil. There has been no revision in the current excise duty rates applicable to petrol and diesel meant for domestic consumption.
Notably, this is the first time since the start of the West Asia conflict that a special additional excise duty (SAED) of Rs 3 per litre has been imposed on petrol exports.
The duty on export of diesel has been reduced to Rs 16.5 per litre, from Rs 23 per litre, and aviation turbine fuel to Rs 16 per litre from Rs 33 per litre.
The government, on March 26, imposed an export duty on diesel at Rs 21.50 a litre, and on ATF at Rs 29.5 a litre. In the review on April 11, the duties were hiked to Rs 55.5/litre and Rs 42/litre. In the April 30 review, the duties were cut to Rs 23/litre and Rs 33/litre, the report mentioned.
The windfall tax was levied to increase domestic availability of the fuel amid the US-Israel and Iran war. They were also aimed at restraining exporters from taking undue advantage due to price differences, as globally crude oil prices had risen since the beginning of the war.
On February 28, the United States and Israel launched airstrikes against Iran, triggering sweeping retaliation from Tehran. Crude oil prices have remained above USD 100 per barrel over the past week, from about USD 73 per barrel before the war. The windfall tax was to ensure domestic availability of petroleum products by disincentivising exports in the backdrop of the West Asia crises, the ministry said.
Source: News18.com
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