The Government of India has announced a substantial increase in the windfall tax on the export of two main types of fuel – diesel and aviation turbine fuel.
This is reported by Finway
Changes in Export Duty Rates
According to the new changes, the export tax rate on diesel has risen from 21.5 rupees to 55.5 rupees per liter. The tax on the export of aviation turbine fuel has also been increased — from 29.5 rupees to 42 rupees per liter.
Purpose of the Tax Increase
These measures are aimed at further boosting the state budget and regulating the domestic energy market. The increase in taxes on the export of diesel and aviation fuel allows the Government of India to respond to changes in global oil product prices and ensure stability in domestic supply.
“India has raised the windfall tax on the export of diesel and aviation fuel.”
The government’s decision may impact export volumes and fuel prices, as well as the operations of energy companies focused on foreign markets.