Govt revises windfall tax: Diesel, ATF export duty up; petrol down

The government has increased the windfall gains tax on exports of diesel and aviation turbine fuel (ATF), while reducing the levy on petrol exports for the fortnight beginning July 16.

According to a finance ministry notification, the rate of Special Additional Excise Duty (SAED) on diesel exports has been raised to ₹15.5 per litre from ₹8.5 per litre.

The levy on ATF exports has been increased to ₹14.5 per litre from ₹7.5 per litre.

The export duty on petrol has been cut to ₹2.5 per litre from ₹4 per litre. The revised rates will come into effect from July 16.

The Centre had imposed a windfall tax on exports of diesel and ATF from March 27 amid escalating tensions in West Asia and has been reviewing the rates every fortnight.

Export duty on petrol was introduced from May 16.

The finance ministry said there is no change in the existing excise duty rates on petrol and diesel meant for domestic consumption.

The windfall tax was introduced to ensure adequate domestic availability of petroleum products and discourage exports during a period of elevated global crude oil prices triggered by the conflict in West Asia.

They were also aimed at not allowing exporters to take undue advantage due to price differences as globally crude oil prices had risen since the beginning of the war.