The Ministry of Finance has reduced windfall profit tax on locally produced crude oil, and on export of diesel and aviation turbine fuel, amid a decline in global crude oil prices.
New Delhi has cut cess on crude to Rs 10,500 per tonne, according to a notification from the Ministry of Finance. India has also lowered windfall tax on ATF to Rs 5 per litre.
For the same Ministry of Finance has issued two notifications:
A. Notification No. 29/2022-Central Excise
MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 16th September, 2022
No. 29/2022-Central Excise
G.S.R. 706(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. 10,500 per tonne” shall be substituted;
(ii) against S. No. 2, for the entry in column (4), the entry “Rs. 5 per litre” shall be substituted
2. This notification shall come into force on the 17th day of September, 2022.
[F. No. 354/15/2022-TRU]
NITISH KARNATAK, Under Secy.
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. 26/2022-Central Excise, dated the 31st August, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 672(E), dated the 31st August, 2022.
A. Notification No. 29/2022-Central Excise
NOTIFICATION
New Delhi, the 16th September, 2022
No. 30/2022-Central Excise
G.S.R. 707(E).—In exercise of the powers conferred by section 5A of the Central Excise Act, 1944 (1 of 1944) read with section 147 of 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.
04/2022-Central Excise, dated the 30th June, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 492 (E), dated the 30th June, 2022, namely:-
In the said notification, in the Table,-
(i) against S. No. 2, for the entry in column (4), the entry “Rs. 8.50 per litre” shall be substituted;
2. This notification shall come into force on the 17th day of September, 2022.
[F. No. 354/15/2022-TRU]
NITISH KARNATAK, Under Secy.
Note: The principal notification No. 04/2022-Central Excise, dated the 30th June, 2022, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 492 (E), dated the 30th June, 2022, and was last amended vide notification No. 27/2022-Central Excise, dated the 31st August, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 673(E), dated the 31st August, 2022.
Download the official notification:
