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Date: 15-May-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. 14/2024-Central Excise amends notification No. 18/2022-Central Excise, dated July 19, 2022, regarding central excise duty.
  • The amendment is made by the Central Government in exercise of powers conferred by section 5A of the Central Excise Act, 1944, read with section 147 of the Finance Act, 2002.
  • The government has determined that making this amendment is necessary in the public interest.

Key Changes

  • The notification substitutes the entry “Rs. 5700 per tonne” in column (4) against serial number 1 in the table of the original notification.
  • This notification comes into effect on May 16, 2024.

Impact Analysis

Government Revenue

  • The change in excise duty will impact the government's revenue collection from central excise duties.

Supply Chain

  • Action Item: Review contracts and agreements with suppliers and customers to reflect the change in excise duty.

Manufacturers/Producers

  • Action Item: Update accounting systems and pricing strategies to reflect the revised excise duty rate effective May 16, 2024.

Consumers

  • Action Item: Monitor market prices to understand the impact on consumer spending.

Key Entities Referenced

Central Government: The entity issuing the notification and responsible for making amendments to central excise duties. Ministry of Finance (Department of Revenue): The specific department within the government responsible for this notification. Central Excise Act, 1944: The primary legislation authorizing the imposition of central excise duties. Section 5A provides the power to grant exemptions from excise duties. Finance Act, 2002: Section 147 provides the legal basis for the central government to implement certain measures related to central excise. Notification No. 18/2022-Central Excise, dated 19th July, 2022: The original notification being amended by this notification. Notification No. 13/2024-Central Excise, dated 30th April, 2024: The notification that last amended the principal notification.
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.-15052024-254198 CG-DxLx-xEG-I1D5H0x5x2x0 24-254198 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.ं 252] नई दिल्ली, बुधिार, मई 15, 2024/ििै ाख 25, 1946 No. 252] NEW DELHI, WEDNESDAY, MAY 15, 2024/VAISAKHA 25, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) अजधसचू ना नई दिल् ली, 15 मई, 2024 सख्ं या 14/2024-केन्‍दर ीय उत्प ाि िल्ु क सा.का.जन. 273(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 िुल् क, दिनांक, 19 िुलाई, 2022, जिसे सख्ं या सा.का.जन. 584 (अ), दिनांक 19 िलु ाई, 2022, म ें भारत के रािपत्र, असाधारण, भाग-II, खंड 3, उप खंड (i) म ें प्रकाजित दकया गया था, म ें और आगे भी जनम्न जलजखत संिोधन करती ह,ै यथा:- उक्त अजधसूचना म,ें सारणी म,ें - (i) क्रमांक 1 के सामने, कॉलम (4) में प्रजिजि के जलए, प्रजिजि "रु. 5700 प्रजत टन" को प्रजतस्ट्थाजपत दकया िाएगा; 2. यह अजधसूचना 16 मई, 2024 से प्रिृत्त होगी । [फा. स.ं 354/15/2022-टीआरय]ू जिक्रम जििय िानेरे, अिर सजचि 3030 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] नोट : मुख्य अजधसूचना संख्या 18/2022-केन्‍द रीय उत् पाि िल्ु क, दिनांक 19 िुलाई, 2022 जिसे सा.का.जन. संख्या 584 (अ), दिनांक 19 िलु ाई, 2022 के तहत भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखडं (i) म ें प्रकाजित दकया गया था और इसमें अंजतम बार अजधसूचना संख्या 13/2024- केन्‍दर ीय उत् पाि िुल् क, दिनांक 30 अप्रैल, 2024 जिसे सा.का.जन. संख्या 267(अ), दिनांक 30 अप्रैल, 2024 के तहत भारत के रािपत्र, असाधारण, भाग II, खडं 3, उप-खंड (i) में प्रकाजित दकया गया था। MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 15th May, 2024 No. 14/2024-Central Excise G.S.R. 273(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. 5700 per tonne” shall be substituted; 2. This notification shall come into force on the 16th day of May, 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. 13/2024-Central Excise, dated the 30th April, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 267(E), dated the 30th April, 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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