Govt reviews windfall gains tax, cuts cess on crude oil

NEW DELHI: 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.