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Reetu | Sep 1, 2022 | Views 38568

Govt amends eighth schedule of Finance Act 2002 to revise duty on Aviation Turbine Fuel

Govt amends eighth schedule of Finance Act 2002 to revise duty on Aviation Turbine Fuel

The Department of Revenue has amended the eighth schedule to the Finance Act, 2002 to revise the duty on Aviation Turbine Fuel via issuing Notification.

Aviation Turbine Fuel (ATF) is dispensed from specially designed refuellers, which are driven up to parked airplanes and helicopters. Major airports have hydrant refuelling systems that pump the fuel right up to the filling outlets on the tarmac through underground pipelines for faster refuelling. Essentially, ATF is pumped into an aircraft by two methods: Overwing and Underwing.

The Notification has provided, “WHEREAS, the Central Government on being satisfied that the Special Additional Excise Duty leviable on Aviation Turbine Fuel falling under heading 2710 of the Fourth Schedule to the Central Excise Act 1944 (1 of 1944), should be revised 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, against Item No. 4, for the entry in column (3), the entry “Rs. 12 per litre” shall be substituted.

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

For Official Notification Download PDF Given Below:

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