CBIC exempts levy of Special Additional Excise Duty on production of Petroleum crude:

CBIC exempts levy of Special Additional Excise Duty on production of Petroleum crude The Ministry of Finance has notified exemption of Special Additional Excise Duty leviable on production of Petroleum crude via issuing Notification. 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." In the said notification, in the Table, against S. No. 1, for the entry in column (4), the entry “Nil per tonne” shall be substituted. This notification shall come into force on the 16th day of May, 2023. For Official Notification Download PDF Given Below: