The civil aviation ministry has sought a reduction in excise duty on aviation turbine fuel (ATF), or jet fuel, to eight per cent from 14 per cent, by rolling back an increase made last year.
As global crude oil prices fell to below $30 a barrel, government had raised the duty to compensate for its tax loss. “Excise duty was raised when crude prices were low. Now they are inching up and the government can easily cut excise duty, which will also help shield airlines from a hike in jet fuel prices,” said a government official, who did not want to be named.
18/01/17 Business Standard
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As global crude oil prices fell to below $30 a barrel, government had raised the duty to compensate for its tax loss. “Excise duty was raised when crude prices were low. Now they are inching up and the government can easily cut excise duty, which will also help shield airlines from a hike in jet fuel prices,” said a government official, who did not want to be named.
18/01/17 Business Standard
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