Govt revises windfall gains tax for petrol and diesel exports
- On Friday, India revised its windfall tax on fuel exports effective Oct 16, raising the petrol levy to 2.5 rupees per litre while cutting the diesel duty to 8.5 rupees per litre.
- Export duties are reviewed every fortnight by the government, adjusting levies in line with movements in international crude oil and petroleum product prices. This mechanism ensures rates stay current with market shifts.
- Petrol export duty increased to 2.5 rupees per litre from 0.5 rupees, while diesel levies fell to 8.5 rupees per litre from 16 rupees; the duty on ATF remained at 10.5 rupees per litre.
- The Finance ministry imposed these levies to increase domestic fuel availability and prevent exporters from taking undue advantage of price differences as global crude prices remained elevated.
- Escalating tensions in West Asia, including US-Iran and Russia-Ukraine conflicts, have boosted freight and insurance rates, pushing crude oil prices around $95 per barrel according to LSEG data cited by Reuters.
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Petrol Export Duty Raised to INR 2.5 Per Litre, Diesel Duty Cut to INR 8.5 | 📰 LatestLY
The government has raised the windfall tax on petrol exports to Rs 2.5 per litre from Rs 0.5 per litre while reducing the export duty on diesel to Rs 8.5 per litre from Rs 16 per litre. The revised duties came into effect on Friday, October 16, according to a Finance Ministry notification. 📰 Petrol Export Duty Raised to INR 2.5 Per Litre, Diesel Duty Cut to INR 8.5.
The central government has made major changes to the taxes levied on the export of petrol and diesel. The export duty on petrol has been increased fivefold to Rs 2.50 per liter, while the duty on diesel has been reduced from Rs 16 to Rs 8.50 per liter. The new rates are effective from October 16. This decision will directly impact fuel export companies.
Govt hikes windfall tax on petrol, cuts levy on diesel exports
New Delhi, Oct 16: The government on Friday cut the windfall tax on diesel exports and raised the levy on petrol exports for the fortnight beginning October 16. The duty on ATF exports has been retained at Rs 10.5 per litre for the fortnight. The Special Additional Excise Duty (SAED), along with the road and infrastructure cess, on diesel exports will now be Rs 8.5 per litre, down from Rs 16 per litre. The duty on petrol exports has been hiked t…
Govt hikes petrol export duty to Rs 2.5 per litre, cuts diesel duty to Rs 8.5
India has raised the petrol export duty while reducing the levy on diesel shipments. The contrasting revisions reflect fortnightly adjustments linked to global crude and petroleum product prices.
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