Specified person exempt from the Special Additional Excise Duty
Specified person exempt from the Special Additional Excise Duty
Seeks to exempt crude petroleum produced by a person whose annual production of the said goods during the preceding Financial Year was less than two million barrels- Notification No. 06/2022-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 (herein after referred to as “the said goods” produced by a person whose annual production of the said goods during the preceding Financial Year was less than two million barrel, 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.
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
