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of <h1>Finance Bill 2012: Amendment to Oil Industry Act 1974 raises crude oil cess to Rs 4500 per tonne.</h1> Clause 151 of the Finance Bill, 2012 proposes an amendment to the Schedule of the Oil Industry (Development) Act, 1974. This amendment seeks to revise the rate of cess imposed on crude oil, increasing it to 'Rupees four thousand five hundred per tonne.' This change affects the taxation framework within the oil industry, specifically targeting crude oil production.
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