Government cuts windfall tax on diesel, ATF export

Government cuts windfall tax on diesel, ATF export

PTI

New Delhi, August 3

The government has halved the windfall tax on the export of diesel and scrapped the levy on jet fuel (ATF) shipments but raised the tax on domestically produced crude oil.

The tax on the export of diesel was cut to Rs 5 per litre from Rs 11, according to an official notification issued on Tuesday evening.

Export of petrol will continue to attract nil tax.

The tax on domestically produced crude oil was hiked to Rs 17,750 per tonne from Rs 17,000, a move that will hit producers like ONGC and Vedanta Ltd. The cut in taxes — the second in as many weeks — came as India's trade gap swelled to a record.

The measures come hours after data showed India's trade deficit ballooned to a record high in July, as elevated commodity prices and a weak rupee inflated the country's import bill.

Tribune Shorts


Top News

Nitish Kumar dumps BJP in Bihar to pave way for ‘Mahagathbandhan 2.0’ with RJD as largest party and key player

Nitish Kumar dumps BJP in Bihar to pave way for 'Mahagathbandhan 2.0' with RJD as largest party and key player

JD-U supremo to take oath as CM on Wednesday; BJP cries ‘bet...

Nitish Kumar as Opposition’s PM candidate in 2024? Many wary of his ‘U-turns’

Nitish Kumar as Opposition's PM candidate in 2024? Many wary of his 'U-turns'

RJD leader Tejashwi Yadav had derisively named Kumar as ‘pal...

All in a day: Timeline for Bihar's change of government

All in a day: Timeline for Bihar's change of government

MPs, MLAs of RJD and JD(U) held parallel meetings

Maharashtra CM Eknath Shinde to expand 2-member ministry today

No woman in 20-member cabinet as Maharashtra CM Shinde expands 41-day-old ministry

18 MLAs, including state BJP president Chandrakant Patil, we...

PM Modi’s total assets rise by Rs 26 lakh to Rs 2.23 crore; land-holding donated

PM Modi's total assets rise by Rs 26 lakh to Rs 2.23 crore; land-holding donated

He has no investment in any bond, share or mutual funds, doe...

Cities

View All