Reetu | Mar 16, 2023 |
Exemption of Export Tax on Refined Petrol: Budget Session
The Minister of State in Ministry of Finance, Shri Pankaj Chaudhary in a writter reply to question raised in Lok Sabha Stated, “The SAED/Cess imposed on export of petrol w.e.f. 1st July, 2022 was exempted for clearances made from units located in Special Economic Zone (SEZ) w.e.f. 20th July, 2022. Further, the rate of SAED/Cess on export of petrol was also reduced to Nil w.e.f. 20th July, 2022 for all exporters and has remained at that level till date.”
Major exporters of petroleum products are Indian oil Corporation Ltd (IOCL), Mangalore refinery and petrochemicals Ltd. (MRPL), Reliance Industries Ltd., Bharat Petroleum Corporation Ltd. (BPCL) and Nayara Energy.
Units located in the Special Economic Zone (SEZ) were given exemption from SAED/Cess on export of petrol since the objective of setting up SEZs is to promote exports. However, since the applicable rate of SAED/cess on exports of petrol was Nil for all exporters w.e.f. 20th July, 2022 till date, the impact of this exemption is not significant.
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