te Excise duty on petrol, diesel, ATF hiked up to Rs 12; details | Zee Business

Excise duty on petrol, diesel, ATF hiked up to Rs 12; details

In order to regulate prices of fuels in the domestic market, the government has raised excise duty on exports of petrol, diesel and Aviation Turbine Fuel (ATF) starting Friday, July 1, 2022.

Excise duty on petrol, diesel, ATF hiked up to Rs 12; details
As per the report, now an additional excise duty of Rs 5 per litre will be charged on petrol

In order to regulate prices and maintain stock of petroleum products in the domestic market, the government has raised excise duty on exports of petrol, diesel and Aviation Turbine Fuel (ATF) starting Friday, July 1, 2022.  

As per the report, now an additional excise duty of Rs 5 per litre will be charged on petrol, Rs 6 per litre on ATF and Rs 12 per litre on diesel.  

Also, the government will now charge Rs 23250 per tonne additional tax on domestic reproduced crude oil to take away windfall gain accruing to producers.  

Besides, the exporter is required to submit a self-declaration to the concerned authority confirming that 50% of quantity mentioned in the shipping bill will be supplied in the domestic market during the current financial year.  

"However, Nepal and Bhutan have been exempted from paying additional duty on these petroleum products. Also, this condition is not applicable to 100% EoUs and SEZ unites," said Ministry of Commerce and Industry.   

  

Reported By: Ambarish Pandey
Written By: Ravi Kant Kumar
Updated: Fri, Jul 01, 2022
10:51 am
Patna, ZeeBiz WebDesk
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