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New Delhi,- The central government has reduced the duty on diesel exports. Also, aviation fuel export tax has been abolished.
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Huge profit
On July 1, excess profit tax was imposed on crude oil production companies to curb the huge profits made by oil companies. Besides, tax was imposed on the export of petrol, diesel and aviation fuel.
In this case, the export tax on petrol was removed on July 20 as the price of crude oil fell in the international market. Diesel and aviation fuel tax reduced by Rs 2 per liter respectively. Excess profit tax on domestic crude oil production has been reduced from Rs 23,250 to Rs 17,000 per 1,000 kg. In this case, the export duty of 1 liter of diesel has been reduced from 11 rupees to 5 rupees yesterday.
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impact
Also, the central government has announced that the aviation fuel export tax has been removed. Meanwhile, the excess profit tax for domestic crude oil production has been increased from 17 thousand rupees to 17 thousand 500 rupees per 1,000 kg. This will affect companies like ONGC and Vedanta.
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