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The Modi government has reduced the windfall tax on domestically produced crude oil, while increasing the cess on diesel and ATF (aviation turbine fuel) exports. This information has been given in an official notification. The tax levied in the form of Special Additional Excise Duty (SAED) on domestically produced crude oil has been reduced to Rs 6,700 per tonne from Rs 7,100 per tonne earlier.
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According to the notification, the SAED on diesel exports has been increased to Rs 6 per liter from Rs 5.50 per liter earlier. At the same time, SAED on jet fuel has been increased from Rs 2 per liter to Rs 4 per litre. SAED on petrol exports remains zero. According to the notification, the new tax rates have come into effect from Saturday.