Starting August 15, the government has announced a reduction in the windfall gains tax on petrol exports. Additionally, the special additional excise duty (SAED) will also see a decrease during the same two-week period. These changes are part of the government’s ongoing adjustments to taxation policies in response to market conditions.
New Duty Implementation Date Announced
The finance ministry has confirmed that the revised duty will take effect on August 15, according to a notification reported by PTI.
The ministry noted that there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption. The war brough the crucial Strait of Hormuz, a key energy passage, in the line of fire as US and Iran traded strikes for weeks. The government had imposed the windfall tax to increase domestic availability of the fuel amid the war in West Asia.
The government had imposed an export duty on diesel and ATF on March 27 and revised the rate every fortnight after the Iran-US war disrupted fuel supplies. On May 16, the finance ministry hiked the export duty on petrol to ₹ 3 per litre from nil while reducing the export duty on diesel and aviation turbine fuel to ₹ 16.5 and ₹ 16 per litre, respectively. The petrol price as on August 15 in Delhi is ₹ 102.12/litre, ₹ 113.76/litre in Kolkata, ₹ 111.38/litre in Mumbai and 107.87/litre, according to goodreturns.com.
