Government of India has issued Notification No. 24/2023-Central Excise on 31st July 2023, amending the Central Excise Act of 1944 to increase the Special Additional Excise Duty (SAED) on the production of Petroleum Crude. This amendment has comes into effect from 1st August 2023.
The latest amendment aims to levy a higher Special Additional Excise Duty on the production of Petroleum Crude, raising it to Rs. 4,250 per tonne. This move is likely to impact the petroleum industry, leading to potential changes in pricing and production costs. The increased excise duty is expected to contribute to government revenue while potentially affecting consumers and businesses involved in the petroleum sector.
Notification No. 24/2023-Central Excise brings a significant change in the excise duty structure for Petroleum Crude production. Businesses operating in the petroleum industry need to promptly comply with the new excise duty rate of Rs. 4,250 per tonne, effective from 1st August 2023. This amendment is expected to have implications for the petroleum sector’s operations and may influence pricing strategies and overall industry dynamics.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 24/2023-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 the 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), No. 18/2022-Central Excise, dated the 19th July, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 584 (E), dated the 19th July, 2022, namely:-
In the said notification, in the Table,-
(i) against S. No. 1, for the entry in column (4), the entry “Rs. 4,250 per tonne” 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. 18/2022-Central Excise, dated the 19th July, 2022 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 584 (E), dated the 19th July, 2022, and was last amended vide notification No. 23/2023-Central Excise, dated the 14th July, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 505(E), dated the 14th July, 2023.
