SAED on Crude Export Cut to Rs. 1,700 per tonne from Rs. 4,900 per tonne w.e.f. 16 Dec. 2022

· ATF Slashed to Rs. 1.50 per litre from Rs. 5 per litre

[Notification No. 42/2022-Central Excise dated 15 December 2022]

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 and export of Aviation turbine Fuel.

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. 1,700 per tonne” shall be substituted;

(ii) against S. No. 2, for the entry in column (4), the entry “Rs. 1.50 per litre” shall be substituted

2. This notification shall come into force on the 16th day of December, 2022.

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