The finance ministry's revised duties take effect for the fortnight starting October 31, reflecting shifts in international crude and product benchmarks. While outbound shipments of aviation fuel and diesel face higher special additional excise duties, the levy on overseas petrol sales has been entirely removed. Domestic consumers will see no immediate price impact, as local excise duties on petrol and diesel remain unaltered.
Key points
Domestic retail fuel prices remain unchanged because excise duties on locally sold petrol…: Domestic retail fuel prices remain unchanged because excise duties on locally sold petrol and diesel were not modified.
The windfall tax mechanism was originally implemented on March 27 to safeguard local supp…: The windfall tax mechanism was originally implemented on March 27 to safeguard local supplies during the West Asia crisis.
Export tax rates are recalibrated fortnightly based on the moving average of internationa…: Export tax rates are recalibrated fortnightly based on the moving average of international crude and product prices.
Sources checked by our analysis pipeline: 1
NEW DELHI: Govt Saturday increased the windfall gains tax on exports of diesel and jet fuel (ATF), while slashing the levy to zero on petrol for the fortnight beginning Oct 31.
There is no change in excise duty on petrol and diesel for domestic consumption.
According to a notification issued by the finance ministry, the rate of special additional excise duty (SAED) on diesel exports has been increased to Rs 11.5 a litre from Rs 8.5 a litre, while it has been marginally raised to Rs 11 per litre from Rs 10.5 a litre on ATF exports. The duty on petrol exports has been slashed to nil from Rs 2.5 per litre for the next fortnight.
The windfall tax - comprising SAED and road and infrastructure cess - on exports of petrol, diesel and ATF was introduced on March 27 to ensure domestic availability of petroleum products by discouraging overseas sales amid the West Asia crisis. The rates are determined by the average international prices of crude oil, petrol, diesel and ATF prevailing since the last review.
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