Government of India has issued Notification No. 25/2023-Central Excise on 31st July 2023, amending the Central Excise Act of 1944 to increase the Special Additional Excise Duty (SAED) on the export of Diesel. This amendment will come into effect from 1st August 2023.
The recent amendment aims to raise the Special Additional Excise Duty on Diesel exports, setting it at Rs. 1 per litre. This move is likely to have implications for the diesel export industry, potentially affecting pricing, competitiveness, and trade dynamics. The increased excise duty is expected to contribute to government revenue while potentially impacting businesses involved in the diesel export sector.
Notification No. 25/2023-Central Excise introduces a significant change in the excise duty structure for Diesel exports. Businesses engaged in diesel export activities must promptly comply with the new excise duty rate of Rs. 1 per litre, which will be effective from 1st August 2023. This amendment is expected to have implications for the diesel export industry’s operations and may influence pricing strategies and trade patterns.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 25/2023-Central Excise | Dated : 31st July, 2023
G.S.R. ….(E). – In exercise of the powers conferred by section 5A of the Central Excise Act, 1944 (1 of 1944) read with section 147 of Finance Act, 2002 (20 of 2002), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), notification No. 04/2022-Central Excise, dated the 30th June, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 492 (E), dated the 30th June, 2022, namely:-
In the said notification, in the Table,-
(i) against S. No. 2, for the entry in column (4), the entry “Rs. 1 per litre” shall be substituted;
2. This notification shall come into force on the 1st day of August, 2023.
[F. No. 354/15/2022-TRU]
(Amreeta Titus)
Deputy Secretary to the Government of India
Note: The principal notification No. 04/2022-Central Excise, dated the 30th June, 2022, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 492 (E), dated the 30th June, 2022, and was last amended vide notification No.19/2023-Central Excise, dated the 18th April, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 304(E), dated the 18th April, 2023.
