The Central Board of Indirect Taxes and Customs (CBIC) has increased Special Additional Excise Duty on production of Petroleum Crude. A notification to this effect was issued on 18th April, 2023 and shall be effective from 19th April, 2023.
It may be recalled that rates of Special Additional Excise Duty (SAED) on production of Petroleum Crude and Aviation Turbine Fuel were first notified on 19th July, 2022.
These rates have been revised on numerous occasions, the last revision being on 3rd March, 2023 where the rate for petroleum crude was fixed at Rs. 4,400 per tonne.
Now, according to the present circular, SAED of petroleum crude has been increased to Rs. 6,400 per tonne.