CBIC Increases Special Additional Excise Duty on Production of Petroleum Crude w.e.f. 15th July 2023 [Read Notification]
CBIC Increases Special Additional Excise Duty on Production of Petroleum Crude – CBIC Increases Special Additional Excise Duty – CBIC – Special Additional Excise Duty – Excise Duty – Petroleum Crude – Taxscan
CBIC Increases Special Additional Excise Duty on Production of Petroleum Crude – CBIC Increases Special Additional Excise Duty – CBIC – Special Additional Excise Duty – Excise Duty – Petroleum Crude – Taxscan
The Central Board of Indirect Taxes and Customs (CBIC) has sought to amend the notification no. 18/2022-Central Excise, dated the 19th July, 2022, to increase the special additional excise duty on production of petroleum crude vide notification no. 23 /2023 - Central Excise issued on 14th July 2023.
According to the notification “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. 1,600 per tonne” shall be substituted;”
The notification shall come into force on the 15th day of July, 2023.
New Table (as per Notification no. 23 /2023 of 17th July 2023)
| S. No. | Chapter of heading or Sub-heading or tariff item | Description of Goods | Rate |
| (3) | (4) | ||
| 2709 | Rs 1,600 per tonne |
Old Table (as per Principal Notification no. No. 18/2022 of 19th July 2022)
| S. No. | Chapter of heading or Sub-heading or tariff item | Description of Goods | Rate |
| (3) | (4) | ||
| 2709 | Rs 1,700 per tonne |
Recently, the Special Additional Excise Duty (SAED) on the production of petroleum oil has been reduced to “Nil per tonne,” according to a notification vide No. 22/2023-Central Excise dated 15th May 2023 from the Central Board of Indirect Taxes and Customs (CBIC). The notification shall come into force from 16th May 2023.
To Read the full text of the Order CLICK HERE
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