The government has revived the windfall tax on Aviation Turbine Fuel (ATF) exports at ₹2 per litre, raised the export tax on diesel from ₹5 a litre to ₹7, and slashed the central excise levy on domestically produced crude oil to ₹13,000 per tonne as opposed to ₹17,750 levied a fortnight ago.
Citylive, The government on Friday cut the windfall profit tax on locally produced crude oil in line with a fall in international rates. The Centre also reduced the levy on export of diesel and jet fuel.
At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne.
The levy on the export of diesel was reduced to Rs 10 per litre from Rs 13.5. Also, the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 5 a litre from Rs 9 with effect from September 17, according to a finance ministry notification issued late Friday night.