After the fall in the prices of crude oil and refinery products in the international market, the central government has once again decided to impose a windfall profit tax on the export of aviation fuel. Along with this, the government has increased the windfall profit tax on the export of diesel. Whereas in the case of domestic crude oil, it has been reduced. The government has also decided to keep the windfall profit tax on the export of petrol to zero as before.
Finance Ministry issued a notification
The government has decided to increase the windfall profit tax after the third fortnightly review. The Ministry of Finance has given this information by issuing a notification. After this decision of the government, now the windfall tax on the export of diesel has been increased to Rs 7 per liter. Earlier, a windfall tax of Rs 5 per liter was levied. At the same time, windfall tax will be levied at the rate of Rs 2 per liter on fuel (ATF) of aircraft. Earlier there was no tax on the export of ATF.
Windfall tax was reduced earlier this month
Explain that the government had reduced the export tax on diesel to Rs 5 per liter after the second review in early August, at the same time the tax on ATF was removed to zero. At the same time, in the third review meeting on Thursday, the government has also decided to cut the tax on the export of crude oil. Now on the export of domestic crude, windfall profit tax will have to be paid at the rate of Rs 13000 per tonne instead of Rs 17750.