SAED on Crude Export Cut to Nil from Rs. 3,500 per tonne w.e.f. 4 April 2023 as Crude Price Falls

[Notification No.16/2023-Central Excise dated 3 April, 2023]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude.

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. Nil per tonne” shall be substituted;

2. This notification shall come into force on the 4^th day of April, 2023.

[F. No. 354/15/2022-TRU]