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of <h1>Finance Bill 2016 proposes changing crude oil cess from fixed rate to 20% ad valorem under Clause 222.</h1> Clause 222 of the Finance Bill, 2016 proposes an amendment to the Oil Industry (Development) Act, 1974. It seeks to modify the Schedule to replace the current cess of 4500 per tonne on domestically produced crude oil with a levy of twenty percent ad valorem. This change aims to adjust the taxation mechanism from a fixed rate per tonne to a percentage-based system, impacting how the cess is calculated on crude oil production.
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