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Centre cuts windfall tax on diesel & jet fuel exports
According to a Finance Ministry notification, the duty on diesel exports for the first fortnight of May has been slashed to Rs 23 per litre from Rs 55.5, while on jet fuel exports, the levy has been reduced to Rs 33 per litre from Rs 42.
The export duties are revised on a fortnightly basis, and this is the second revision.
The government has significantly reduced the export duties on diesel and aviation turbine fuel (ATF), or jet fuel, in line with the price fluctuations in the international market.
According to a Finance Ministry notification, the duty on diesel exports for the first fortnight of May has been slashed to Rs 23 per litre from Rs 55.5, while on jet fuel exports, the levy has been reduced to Rs 33 per litre from Rs 42.
The export duty on petrol continues to be nil.
The export levies, or windfall gains taxes — in the form of excise duties — were imposed from March 27 with the objective of ensuring adequate availability of these fuels in the
domestic market by disincentivising exports amid a major price difference between domestic and international markets. Global oil and fuel prices have surged due to the West Asia war.
The export duties are revised on a fortnightly basis, and this is the second revision.
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