NEW DELHI:The Central Government on Friday revised the windfall tax on export of petroleum products for the fortnight starting October 16.
As per the Finance Ministry notification, the Special Additional Excise Duty (SAED) along with road and infrastructure cess on export of diesel has been reduced to Rs 8.5 per litre from the earlier Rs 16 per litre.
On the other hand, the export duty on petrol has been increased to Rs 2.5 per litre from Rs 0.5 per litre for the next fortnight.
The duty on Aviation Turbine Fuel (ATF) export has been kept unchanged at Rs 10.5 per litre for the period.
The revised rates will come into effect from October 16, the notification said.
It is pertinent to mention that amid rising tensions in West Asia, the government had imposed export duty on diesel and ATF on March 27 and has been revising the rates every fortnight. The levy on petrol export was imposed from May 16 onwards.
The Ministry clarified that there will be no change in the existing duty rates on petrol and diesel cleared for domestic consumption.
The windfall tax was introduced to ensure domestic availability of fuel and to discourage exporters from taking advantage of high global crude prices due to the West Asia crisis.