CBIC Notification

CBIC issues Notification No. 30/2023-Central Excise amending Notification 18/2022-Central Excise

CBIC issues Notification No. 302023-Central Excise amending Notification 182022-Central Excise

On 15th September 2023, the Central Board of Indirect Taxes (BCIC) issued Notification No. 30/2023-Central Excise, amending Notification No. 18.20222-Central Excise dated 19th July 2022. The amendment increased the Special Additional Excise Duty on the production of Petroleum Crude to INR 10,000 per tonne, which was earlier at INR 6,700 per tonne. It further reduced the Special Additional Excise Duty on the export of ATF to INR 3.50 per litre, which was earlier INR 4 litres, effective from 16th September 2023. Thus, the Notification 18/2022-Central Excise amends the excise duty rates on petroleum crude and aviation turbine fuel (ATF). These changes were made by exercising powers conferred to it under Section 5A of the Central Excise Act, 1944 read with Section 147 of the Finance Act, 2002.

The Key Amendments are as follows:

  • Petroleum Crude Production

The special additional excise duty on the production of petroleum crude has been increased from INR 6,700 per tonner to INR 10,000 per tonne. The amendment will have implications for the production and pricing of petroleum crude.

  • ATF Exports

The special additional excise duty on the exports of aviation turbine fuel (ATF) has been reduced. Earlier it was at INR 4 per litre but not it has been lowered to INR 3.50 per litre. This amendment is expected to affect the cost structure of ATF exports.

READ  CBIC 2024 Changes in the Customs Tariff Values

Trending Posted

Get Started Live Chat