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Date: 31-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. 15/2024-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 S. No. 1 in the table of the original notification.

Key Changes

  • The central excise duty rate specified in column (4) against S. No. 1 of the table in notification No. 18/2022-Central Excise has been revised.
  • The original entry 'Rs. 5200 per tonne' is being substituted.
  • This notification comes into effect on June 1, 2024.

Impact Analysis

Manufacturers/Producers

  • Action Item: Review pricing strategies and costing models to account for the revised excise duty rate effective June 1, 2024.

Consumers

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

Government Revenue

  • Action Item: The Department of Revenue should monitor the revenue impact of this change and adjust projections accordingly.

Supply Chain

  • Action Item: Update contracts and agreements with suppliers and distributors to reflect the new excise duty rate.

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 department responsible for issuing and administering the notification related to central excise duty. Central Excise Act, 1944: The primary legislation governing central excise duties in India. Section 5A provides the power to grant exemptions from excise duty. Finance Act, 2002: Section 147 provides the legal basis for the Central Government's power to issue notifications related to excise duties. Notification No. 18/2022-Central Excise: The principal notification being amended by this notification, dated July 19, 2022. Notification No. 14/2024-Central Excise: The last notification that amended Notification No. 18/2022-Central Excise, dated May 15, 2024.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-31052024-254477 CG-DxLx-xEG-I3D1H0x5x2x0 24-254477 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.ं 279] नई ददल्ली, िुक्रिार, मई 31, 2024/ज्य ष्े ि 10, 1946 No. 279] NEW DELHI, FRIDAY, MAY 31, 2024/JYAISHTHA 10, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) अजधसचू ना सख्ं या 15/2024-केन्‍दर ीय उत्प ाद िल्ु क नई ददल् ली, 31 मई, 2024 सा.का.जन 300(अ).—केंरीय सरकार, जित् त अजधजनयम, 2002 (2002 का 20) की धारा 147 के साथ पठित केन्‍द रीय उत् पाद िल्ु क अजधजनयम, 1944 (1944 का 1) की धारा 5क के अधीन प्रदत् 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 पाद िल्ु क, ददनांक, 19 िुलाई, 2022, जिसे संख्या सा.का.जन. 584 (अ), ददनांक 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 म,ें सारणी म,ें - (i) क्रमांक 1 के सामने, कॉलम (4) में प्रजिजि के जलए, प्रजिजि "रु. 5200 प्रजत टन" को प्रजतस्ट्थाजपत दकया िाएगा; 3322 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 2. यह अजधसूचना 1 िून, 2024 से प्रिृत्त होगी । [फा. स.ं 354/15/2022-टीआरय]ू जिक्रम जििय िानेरे, अिर सजचि नोट : मख्ु य अजधसूचना संख्या 18/2022-केन्‍द रीय उत् पाद िल्ु क, ददनांक 19 िुलाई, 2022 जिसे सा.का.जन. संख्या 584 (अ), ददनांक 19 िलु ाई, 2022 के तहत भारत के रािपत्र, असाधारण, भाग II, खडं 3, उपखंड (i) म ें प्रकाजित दकया गया था और इसमें अंजतम बार अजधसूचना संख्या 14/2024- केन्‍द रीय उत् पाद िल्ु क, ददनांक 15 मई, 2024 जिसे सा.का.जन. सख्ं या 273(अ), ददनांक 15 मई, 2024 के तहत भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खडं (i) म ेंप्रकाजित दकया गया था। MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 15/2024-Central Excise New Delhi, the 31st May, 2024 G.S.R.300(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. 5200 per tonne” shall be substituted; 2. This notification shall come into force on the 1st day of June, 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. 14/2024-Central Excise, dated the 15th May, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 273(E), dated the 15th May, 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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