Centre levies Rs 3/litre windfall tax on petrol exports amid rising oil prices

The government has imposed a windfall gains tax of Rs 3 per litre on petrol exports with effect from May 16, PTI reported. The move comes amid elevated global crude oil prices and ongoing volatility in international energy markets following the Middle East conflict.“Govt levies Special Additional Excise Duty of Rs 3 per litre (SAED- Rs 3; RIC- Nil) on exports of petrol, Rs 16.5 per litre (SAED – Rs 16.5; RIC – Nil) on exports of diesel and Rs 16 per litre (SAED only) on exports of ATF. There is no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption.” The govt said in a notification. (Breaking story)