Govt cuts cess on crude; hikes export duty on jet fuel, diesel

19 Aug 2022 , 09:45 AM

The union government on Thursday (18 August) reduced the windfall tax on sale of locally produced crude oil to Rs 13,000 per tonne from Rs 17,750 a tonne earlier. The special additional excise duty on export of diesel has been increased from Rs 5 to Rs 6 per litre, and including a cess it would be Rs 7 per litre. Besides, the government again imposed Rs 2 per litre tax on export of aviation turbine fuel (ATF) after scrapping it earlier this month. Export of petrol will continue without the levy of the windfall tax. The new changes will come into effect from 19 August 2022, the Central Board of Excise and Customs (CBIC) said in its notification. A windfall tax is a one-off tax imposed by a government on a company. This is the third revision in the windfall levy imposed on 1 July 2022. The cess is reviewed fortnightly taking into consideration the global crude prices. Powered by Capital Market – Live News