Central Govt hikes Windfall Tax on Domestic Crude Oil, cuts levy on Export of Diesel and ATF [Read Notification]
Central Govt hikes Windfall Tax on Domestic Crude Oil – cuts levy on Export of Diesel and ATF – TAXSCAN
Central Govt hikes Windfall Tax on Domestic Crude Oil – cuts levy on Export of Diesel and ATF – TAXSCAN
On Friday, the government increased the special additional excise duty (SAED) on crude petroleum to Rs 12,100 per tonne, starting from September 30. In the previous review on September 15, a windfall tax of Rs 10,000 per tonne was set for domestically produced crude oil.
Furthermore, the excise duty on diesel exports will be lowered to Rs 5 per litre, down from the current Rs 5.50 per litre. Additionally, the duty on jet fuel or Aviation Turbine Fuel (ATF) will be decreased to Rs 2.5 per litre, effective Saturday, down from the current Rs 3.5 per litre.
The export of petrol will remain duty-free as of now.
The export duty rates are adjusted every two weeks based on international crude oil prices.
The notification stated :—
“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. 12,100 per tonne” shall be substituted; (ii) against S. No. 2, for the entry in column (4), the entry “Rs. 2.50 per litre” shall be substituted 2. This notification shall come into force on the 30th day of September, 2023.”
Further, with respect to the Special Additional Excise Duty (SAED) on export of diesel, the notification stated : —
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), 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. 5 per litre” shall be substituted”
Both the changes shall come into force on the 30th day of September, 2023, the notification clarified.
To Read the full text of the Order CLICK HERE
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
