Suryaa National Desk: Windfall Tax (Windfall Tax) by the Central Government based on the fluctuations in the prices of crude oil and refined petroleum products in the global market. The central government has revised the Windfall Gain Tax rates based on the fluctuations in the prices of crude oil and refined petroleum products in the global market. The Union Finance Ministry, which has increased the Special Additional Excise Duty (SAED) on petrol exports, has significantly reduced the duty on diesel exports, giving relief to refineries. As per the notification issued by the Central Board of Indirect Taxes and Customs (CBIC), these changes are effective immediately.
Revised Windfall Tax Details: Petrol exports: Windfall tax on petrol exports has been increased from ₹0.50 to ₹2.50 per litre. Diesel exports: The duty on diesel exports has been almost halved to ₹8.50 per liter from ₹16, giving relief to companies exporting diesel in overseas markets. Aviation Turbine Fuel (ATF): On aviation fuel exports The government has not made any change in the existing tariffs imposed. No impact on common motorists: These revised tax rates will only apply to private refineries like Reliance Industries, Nayara Energy and public sector exporters that refine and export fuel abroad.
Officials have clarified that the change in taxes will not have any effect on the prices of petrol and diesel sold at petrol stations to the general public in the domestic retail market. The government adjusts these windfall rates once every fortnightly review by reviewing fuel margins and crude oil trends in international markets.
