Ad valorem duty altered for crude oil; Schedule column entry substituted to change the applicable levy. Amendment revises the Schedule to the Oil Industry (Development) Act, 1974 by substituting, against the crude oil entry at Sl.No.1, the entry in column 3 ... Summary
Ad valorem duty altered for crude oil; Schedule column entry substituted to change the applicable levy.
Amendment revises the Schedule to the Oil Industry (Development) Act, 1974 by substituting, against the crude oil entry at Sl.No.1, the entry in column 3 with the specified "twenty per cent. ad valorem", thereby changing the Schedule's chargeable basis for crude oil.
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