Centre slashes windfall tax on domestic crude oil, increases on ATF export

At its seventh fortnightly review, the government hiked the tax on the export of ATF to Rs 5 per litre from Rs 3.50

The Centre has increased the special additional excise duty, commonly known as windfall tax on the export of aviation turbine fuel (ATF) and diesel. The new rates will be effective November 2. However, it reduced taxes on domestically produced crude oil amid fear of slowing fuel demand as China put extensive Covid curbs.

According to the government notification on Tuesday evening, it lowered the tax on domestically produced crude oil to Rs 9,500 per tonne from the current Rs 11,000 per tonne.

At its seventh fortnightly review, the government hiked the tax on the export of ATF to Rs 5