Central Excise: The amendment to Notification No. 18/2022-Central Excise, originally dated 19th July 2022, has reduced the Special Additional Excise Duty (SAED) on the production of petroleum crude.(18.09.2024)

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Central Excise

The amendment to Notification No. 18/2022-Central Excise, originally dated 19th July 2022, has reduced the Special Additional Excise Duty (SAED) on the production of petroleum crude. According to the recent Notification No. 25/2024-Central Excise, effective from 18th September 2024, the SAED on petroleum crude has been lowered from ₹1,850 per tonne to ₹Nil per tonne. This amendment was introduced by the Central Board of Indirect Taxes and Customs (CBIC) in the interest of reducing the tax burden on crude oil production.

Notification No. 25/2024-Central Excise dated 17.09.2024