The move would bring down fuel prices for the ailing aviation industry The government announced a reduction in excise duty applicable to aviation turbine fuel (ATF), or jet fuel.
The Revenue Department, under the Ministry of Finance, said in a notification on Wednesday that an excise duty of 11 per cent will be applicable on ATF, as against the existing 14 per cent.
The new rate of excise duty will take effect on October 11, 2018, the official statement said.
The move is expected to bring down fuel prices for the country's aviation industry, which has been hit hard by high fuel prices.