Exempt the crude petroleum from Special Additional Excise Duty
Exempt the crude petroleum from Special Additional Excise Duty
Seeks to exempt crude produced by a person which is in excess of crude petroleum oil produced by such person during the preceding Financial Year- Notification No. 07/2022-Central Excise
G.S.R. ……(E). -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, being satisfied that it is necessary in the public interest so to do, hereby exempts the crude petroleum, falling under heading 2709 of the of the Fourth Schedule to the Central Excise Act 1944, produced by a person which is in excess of crude petroleum oil produced by such person during the preceding Financial Year, from the whole of the Special Additional Excise Duty leviable thereon under section 147 read with the Eighth Schedule to the said Finance Act, 2002.
Explanation: For the Financial year, 2022-23, the Special Additional Excise Duty shall not apply to such quantity that is produced by a person immediately after exceeding his production of crude petroleum oil during the Financial Year 2021-22.
2. This notification shall come into force on the 1st day of July, 2022.
Also Read:
- Prescribe rates of Special Additional Excise Duty for exports of petrol and diesel
- Amend the eighth schedule to Finance Act 2022 to prescribe Special Additional Excise Duty ON Crude Petroleum and ATF circular and notification
