Petrol Export Duty Scrapped, Diesel Export Levy Hiked To Rs 11.5 Per Litre

Centre scraps petrol export duty (Representational Image)

The Centre has abolished the special additional excise duty (SAED) on petrol exports while increasing the export levy on diesel and aviation turbine fuel (ATF), according to fresh notifications issued by the Ministry of Finance. The revised duty structure came into force on October 31, following its publication in the Official Gazette. Under the updated rates, petrol exports will no longer attract SAED, with the applicable duty reduced to zero from Rs 2.5 per litre.

In contrast, the levy on high-speed diesel exports has been raised by Rs 3 per litre to Rs 11.5 per litre from the earlier Rs 8.5 per litre.

The government has also increased the export duty on aviation turbine fuel (ATF) by 50 paise per litre. The levy now stands at Rs 11 per litre, compared with Rs 10.5 per litre previously.

The latest notification marks a complete withdrawal of the special additional excise duty on petrol exports. The earlier rate of Rs 2.5 per litre has been scrapped, bringing the applicable levy down to nil from October 31.

The revision has been notified by the Department of Revenue under the Ministry of Finance. The move comes alongside…

Original source: https://www.timesnownews.com/business-economy