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Excise duty on aviation fuel cut to 11% from 14%
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SME Times News Bureau | 11 Oct, 2018
Days after central excise duty cut in petrol and diesel, the government
on Wednesday reduced the excise duty on aviation fuel to 11 per cent
from 14 per cent in order to provide relief to airlines from high fuel
costs.
The Central Government "on being satisfied that it is
necessary in the public interest" took the decision to reduce the excise
duty on aviation turbine fuel (ATF) to 11 per cent, a notification by
the Revenue Department of Ministry of Finance said.
"This notification shall come into force with effect from the 11th day of October, 2018," it said.
The
move will provide relief to airlines who are facing high fuel costs and
falling rupee. It assumes significance as ATF costs constitute 35-40
per cent of the total operating cost of an airline in India.
The
government on September 26 had raised import duty on ATF to five per
cent from zero per cent, along with duty hikes in 18 other items, to cut
current account deficit.
The excise duty on ATF was raised to 14
per cent from 8 per cent in March 2014 when Brent crude oil prices had
fallen to $36 a barrel. However, with oil prices hovering above $83 a
barrel, several airlines posted losses in the first quarter this fiscal.
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