Rate changed by CBIC
Notification No.-18/2022
The Central Board of Indirect Taxes & Customs (CBIC) decided to amend the previously issued Notification No. 18/2022 where the Central Government after being satisfied found it necessary for the public to exempt the excisable goods of particular two types of goods. The exemption was made for petroleum crude and also for Aviation Turbine Fuel. The Notification No. 18/2022 stated the rate of both the above-mentioned types of goods.
For Petroleum Crude the rate charged was Rs. 17,000 per tonne and for aviation turbine fuel the rate applicable was Rs. 4 per Litre. As per the decision of the Central Government this amendment came into effect from 20th July, 2022.
Notification No. 40/2022
As per the CBIC amendment released as on 1st December, there has come a change in the rate of petroleum crude. The Previous Notification No. 18/2022 has been amended and now the change in the rate of petroleum crude has been mentioned under Notification No. 40/2022-Central Excise.
As already mentioned above, the earlier rate of petroleum crude was Rs. 17,000 per tonne. However, in the said Notification No. 40/2022, the rate has been reduced to “Rs. 4,900 per tonne”. And this amendment shall be effective from the 2nd Day of December 2022.
Altogether, This was a short update by CBIC relating to an amendment in the rate of petroleum crude. Here is the copy of the original document that may be helpful. All in all, the rate of petroleum crude has been declined after the decision declared by CBIC.
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[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 40/2022-Central Excise
New Delhi, the 1st December, 2022
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 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, namely:-
In the said notification, in the Table,-
(i) against S. No. 1, for the entry in column (4), the entry “Rs. 4,900 per tonne” shall be substituted;
- This notification shall come into force on the 2nd day of December 2022.
[F. No. 354/15/2022-TRU]
(Amreeta Titus)
Deputy Secretary to the Government of India
Note: The principal notification No. 18/2022-Central Excise, dated the 19th July, 2022 was 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, and was last amended vide notification No. 38/2022-Central Excise, dated the 16th November, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 820(E), dated the 16th November, 2022.
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