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Petrol diesel prices in India have been stable for almost 10 months. Meanwhile, the government has announced a tax cut on diesel. The government has made this tax deduction in the windfall tax on the export of diesel. Apart from this, windfall tax on export of ATF has also been reduced. Along with this, the cess on domestically produced crude oil has also been reduced. Let us tell you that this deduction has been found on the diesel exported, so the customers in India will not get the benefit of this.
Windfall tax reduced on diesel
The government has also reduced windfall profit tax on diesel exports from Rs 7.5 to Rs 2.5 per litre. Similarly, the tax on export of ATF has been reduced from Rs 6 per liter to Rs 1.50 per litre. The new tax rates have come into effect from February 16. The cess was increased with effect from earlier this month.
Reduced tax on crude oil as well
According to the official order, this reduction was done due to the reduction in the prices of crude oil in the international market. This order was issued on 15 February. According to the order, the cess on domestically produced crude oil by companies like Oil and Natural Gas Corporation (ONGC) has been reduced from Rs 5,050 per tonne to Rs 4,350 per tonne.
Tax was imposed in July last year
The export duty on diesel is the lowest since the tax was introduced in July last year. The rate on exports of aviation fuel (ATF) is equivalent to the second half of December. The windfall tax is reviewed every fortnight based on the average price of crude oil.
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