CBIC reduces Special Additional Excise Duty on production of Petroleum Crude to 'Nil Per Tonne' w.e.f. 16 May 2023 [Read Notification]

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.

As per the notification, the Central Government within its jurisdiction and powers conferred by section 5A of the Central Excise Act, 1944 read with section 147 of the Finance Act, 2002 amended the Principal Notification No. 18/2022-Central Excise, dated the 19th July, 2022 in public interest.

In the notification No. 21/2023 published on 1st May 2023, the Special Additional Excise Duty on petroleum crude was reduced from Rs. 17,000 mentioned in the Principal Notification to Rs. 4,100 tonne.

Further, the present amendment substituted S. No. 1 for the entry in column (4) of the Table as ‘Nil Per Tonne’. From May 16, 2023, the special additional excise duty of the petroleum crude will be ‘nil’ per tonne.

STAGES OF REDUCTION IN SPECIAL ADDITIONAL EXCISE DUTY (SAED) OF PETROLEUM CRUDE

New/ Current Table (as per notification No. 22/2023 of 15th May 2023)

S. No.	Chapter of heading or Sub-heading or tariff item	Description of Goods	Rate
(1)	(2)	(3)	(4)
	2709	Petroleum Crude	Nil Per Tonne

Old Table (as per notification No. 21/2023 of 1st May 2023)

S. No.	Chapter of heading or Sub-heading or tariff item	Description of Goods	Rate
(1)	(2)	(3)	(4)
	2709	Petroleum Crude	Rs. 4,100 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
(1)	(2)	(3)	(4)
	2709	Petroleum Crude	Rs. 17,000 Per Tonne

To Read the full text of the Notification CLICK HERE

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