The Central Board of Indirect Taxes and Customs (CBIC) has withdrawn the Special Additional Excise Duty (SAED) on production of Petroleum Crude and on export of Aviation Turbine Fuel, motor spirit, commonly known as petrol, and high speed diesel oil.
The Board empowered under section 147 of Finance Act, 2002 read with section 5A of the Central Excise Act, 1944 and Section 21 of General Clauses Act, 1897, being satisfied that it is necessary in the public interest so to do, rescinded the the notifications imposing SAED on production of petroleum crude and on export of aviation turbine fuel, motor spirit.
The board has rescinded various notifications namely Notification No. 03/2022-Central Excise, dated the 30th June, 2022, No. 04/2022- Central Excise, dated the 30th June, 2022, No. 05/2022- Central Excise, dated the 30th June, 2022, No. 06/2022- Central Excise, dated the 30th June, 2022, No. 07/2022- Central Excise, dated the 30th June, 2022 and No. 09/2022- Central Excise, dated the 30th June.
The notification will come into effect from 02/12/2024.
Read More: Import Of Petroleum, Crude And Aviation Turbine Fuel To Attract Additional Customs Duty: CBIC
Notification Details
Notification No. 29/2024-Central Excise
Date: 2nd December, 2024
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