Amend the eighth schedule to Finance Act 2022

Seeks to amend the eighth schedule to Finance Act 2022 to prescribe Special Additional Excise Duty ON Crude Petroleum and ATF circular and notification- Notification No. 05/2022-Central Excise

G.S.R…….(E). -–WHEREAS, the Central Government is satisfied that the Special Additional Excise Duty be levied under section 147 of the Finance Act, 2002 (No. 20 of 2002) on Petroleum crude, and Aviation Turbine Fuel falling under heading 2709 and 2710 respectively of the Fourth Schedule to the Central Excise Act 1944 (1 of 1944), and that circumstances exist which render it necessary to take immediate action.

NOW, therefore, in pursuance of section 147 of the Finance Act, 2002, the Central Government, hereby directs that the Eighth Schedule to the said Finance Act, 2002, shall be amended in the following manner, namely: –

In the Eighth Schedule to the Finance Act, 2002, after Item No. 2 and the entries relating thereto, the following Item S.No. and entries shall be inserted, namely: –

2.This notification shall come into force on the 1st day of July, 2022.

Notification

Also Read: Prescribe rates of Special Additional Excise Duty for exports of petrol and diesel

Read More on CBIC, Customs