Windfall Tax: Government gives relief to crude oil exporters, windfall tax reduced by Rs 2800 per ton

Amid the fall in crude oil prices in the international market, the government has reduced the windfall tax (duty) on crude oil exports from Rs 13,300 to Rs 10,500 per tonne. Apart from this, the export duty applicable on diesel has been reduced to Rs 5 per liter. Let us inform you that earlier it was increased from Rs 7 per liter to Rs 13.50 per liter. On September 1, the export duty on ATF i.e. airplane fuel was increased from Rs 7 per liter to Rs 9 per liter. It has been retained for the time being. The new rates issued by the government have come into effect from midnight on 17 September.

Windfall tax was imposed from July 1

It is worth noting that the government reviews the windfall tax every 15 days. On July 1, the government decided to levy a windfall tax (duty) of Rs 6 per liter on petrol and ATF while Rs 13 per liter on diesel. At that time, it was said by the government that it would be reviewed every fortnight.

Export duty on petrol was abolished on July 20

On July 20, the government abolished the export duty of Rs 6 per liter imposed on the export of petrol. On the other hand, the export duty on diesel and ATF was reduced by Rs 2 each to Rs 11 and Rs 4 per liter respectively. During this period, the tax on domestically produced crude oil was also reduced from Rs 23,250 per tonne to Rs 17,000 per tonne.

Duty on diesel export was reduced by Rs 5 per liter on August 2

On August 2, the central government reduced the windfall tax on diesel exports from Rs 11 to Rs 5 per liter. On the other hand, it was decided to eliminate it on ATF. Similarly, it was decided to keep the duty on the export of petrol at zero. Windfall tax on crude oil produced in the country was increased from Rs 17,000 per tonne to Rs 17,750 per tonne on the same day.

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