Govt reviews windfall gains tax, cuts cess on crude oil

Reviewing the windfall gains tax, the government slashed cess on crude oil late on Thursday, bringing it down from Rs 17,750 per tonne to Rs 13,000 per tonne.

According to a Finance Ministry notification, export duty on aviation turbine fuel (ATF) has been hiked to Rs 2 per litre from zero.

At the same time, a Rs 2 hike was effected on export duty on diesel to Rs 7 per litre from Rs 5 per litre.

All these changes will come into effect from August 19.

During the earlier review conducted a fortnight ago, export duties on jet fuel and petrol were scrapped by the government.

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