CBIC amend Notification No. 18/2022-Central Excise, dated the 19th July, 2022 vide Notification No. 03/2024-Central Excise Dated: 15th January, 2024 to reduce the Special Additional Excise Duty (SAED) on production of Petroleum Crude from 16th day of January, 2024 to Rs. 1700 per tonne from earlier rate of Rs. 2300 per tonne.
In a recent move, the Central Board of Indirect Taxes and Customs (CBIC) has amended Notification No. 18/2022-Central Excise, dated 19th July, 2022. This amendment, outlined in Notification No. 03/2024-Central Excise, effective from 16th January 2024, significantly reduces the Special Additional Excise Duty (SAED) on the production of Petroleum Crude. The duty, previously set at Rs. 2300 per tonne, has now been revised to Rs. 1700 per tonne.
***
MINISTRY OF FINANCE
(Department of Revenue)
New Delhi
Notification No. 03/2024-Central Excise Dated: 15th January, 2024
G.S.R. 42(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. 1700 per tonne” shall be substituted;
2. This notification shall come into force on the 16th day of January, 2024.
[F. No. 354/15/2022-TRU]
AMREETA TITUS, Dy. Secy.
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. 01/2024-Central Excise, dated the 1st January, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 1(E), dated the 1st January, 2024.
