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Monday Feb 06, 2023

Tax Reduction | Big decision of Modi government! After crude oil, now diesel-aircraft fuel also reduced unexpected tax


atf fuel

Pic: Social Media

New Delhi. The central government has reduced the unexpected tax on diesel and aviation fuel (Diesel and ATF) today i.e. on Friday. At the same time, according to the government notification, the tax on export of domestic crude oil has been reduced to Rs 1,700 per tonne from the existing Rs 4,900 per tonne. At the same time, the tax on aviation fuel (ATF) has been reduced from Rs 5 per liter to Rs 1.5 per litre.

It may be noted that earlier, on November 1, the central government had announced a cut in windfall profit tax on domestically produced crude oil. However, then there was also a hike on exports of diesel and aviation fuel (ATF).

At the same time, according to the notification issued by the government, the windfall tax on domestically produced crude oil by petroleum companies like ONGC was reduced from Rs 11,000 per tonne to Rs 9,500 per tonne. This deduction came into effect from last November 2, 2022.

At the same time, on July 1, 2022, the central government had announced the imposition of windfall profit tax on petroleum products. Although at that time this tax was imposed on diesel and ATF along with petrol. But then in the subsequent review, petrol was taken out of its purview. With this, the tax on export of crude oil has now been reduced to Rs 1,700/tonne from the existing Rs 4,900/tonne. At the same time, the tax on aviation fuel (ATF) has been reduced from Rs 5/litre to Rs 1.5/litre.



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