Home India Ministry of Finance petroleum notification...
Date: 15-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

petroleum notification

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification No. 10/2024-Central Excise, issued by the Ministry of Finance, Department of Revenue, amends notification No. 18/2022-Central Excise, dated July 19, 2022, regarding central excise duty.
  • The amendment substitutes the entry in column (4) against serial number 1 in the table of the original notification.
  • This change pertains to a specific excise duty rate.

Key Changes

  • The notification substitutes “Rs. 4900 per tonne” for the existing entry in column (4) against serial number 1 in the table of notification No. 18/2022-Central Excise.
  • The revised rate of Rs. 4900 per tonne comes into effect on March 16, 2024.

Impact Analysis

Manufacturers/Producers

  • Action Item: Review costing and pricing models to reflect the updated excise duty rate. Update accounting systems to reflect the new rate from March 16, 2024.

Consumers

  • Action Item: Monitor price changes of relevant goods to understand the impact on consumer spending.

Government Revenue

  • Action Item: The Department of Revenue should monitor revenue collection to assess the impact of the rate change and adjust projections accordingly.

Key Entities Referenced

Central Government: The issuer of the notification, acting through the Ministry of Finance (Department of Revenue). Ministry of Finance (Department of Revenue): The government body responsible for issuing and administering notifications related to central excise duties. Central Excise Act, 1944: The primary legislation governing the levy and collection of central excise duties in India. Section 5A provides the government with the power to grant exemptions from excise duty. Finance Act, 2002: Section 147 provides the government with certain powers related to central excise. Notification No. 18/2022-Central Excise, dated July 19, 2022: The principal notification being amended by this notification. It 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. Notification No. 08/2024-Central Excise, dated February 29, 2024: The notification that last amended the principal notification No. 18/2022-Central Excise. It was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 148(E), dated the 29th February, 2024.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-15032024-253053 CG-DxLx-xEG-I1D5H0x3x2x0 24-253053 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 191] नई दिल्ली, िुक्रिार, माच च15, 2024/फाल्ग नु 25, 1945 No. 191] NEW DELHI, FRIDAY, MARCH 15, 2024/PHALGUNA 25, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) अजधसचू ना नई दिल्ली, 15 माच,च 2024 स.ं 10/2024-केन्‍दर ीय उत्प ाि िल्ु क सा.का.जन. 204(अ).—केंरीय सरकार, जित् त अजधजनयम, 2002 (2002 का 20) की धारा 147 के साथ पठित केन्‍द रीय उत् पाि िल्ु क अजधजनयम, 1944 (1944 का 1) की धारा 5क के अधीन प्रित् त िजियों का प्रयोग करत े हुए, यह समाधान हो िान े पर दक ऐसा करना लोक जहत म ें आिश् यक ह,ै भारत सरकार, जित् त मत्रं ालय (रािस्ट् ि जिभाग) की अजधसूचना संख् या 18/2022-केन्‍द रीय उत् पाि िल्ु क, दिनांक, 19 िुलाई, 2022, जिसे संख्या सा.का.जन. 584 (अ), दिनांक 19 िुलाई, 2022, म ें भारत के रािपत्र, असाधारण, भाग-II, खंड 3, उप खडं (i) में प्रकाजित दकया गया था, म ें और आग े भी जनम्न जलजखत संिोधन करती ह,ै यथा:- उक्त अजधसूचना में, सारणी म,ें - (i) क्रमांक 1 के सामने, कॉलम (4) में प्रजिजि के जलए, प्रजिजि "रु. 4900 प्रजत टन" को प्रजतस्ट्थाजपत दकया िाएगा; 2. यह अजधसूचना 16 माच,च 2024 से प्रिृत्त होगी । [फा. स.ं 354/15/2022-टीआरयू] जिक्रम जििय िानेरे,अिर सजचि 1961 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] नोट: मख्ु य अजधसूचना संख्या 18/2022-केन्‍द रीय उत् पाि िुल् क, दिनांक 19 िलु ाई, 2022 जिसे सा.का.जन. संख्या 584 (अ), दिनांक 19 िुलाई, 2022 के तहत भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (i) म ें प्रकाजित दकया गया था और इसमें अंजतम बार अजधसूचना संख्या 08/2024- केन्‍द रीय उत् पाि िुल् क, दिनांक 29 फ़रिरी, 2024 जिसे सा.का.जन. संख्या 148 (अ), दिनांक 29 फ़रिरी, 2024 के तहत भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खंड (i) में प्रकाजित दकया गया था। MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 15th March, 2024 No. 10/2024-Central Excise G.S.R. 204(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. 4900 per tonne” shall be substituted; 2. This notification shall come into force on the 16th day of March, 2024. [F. No. 354/15/2022-TRU] VIKRAM VIJAY WANERE, 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. 08/2024-Central Excise, dated the 29th February, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 148(E), dated the 29th February, 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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