Ad valorem cess on domestically produced crude replaces the existing fixed per tonne levy, changing the tax basis. The Schedule to the Oil Industry (Development) Act, 1974 is amended to replace the existing specific per tonne cess on domestically produced crude oil with an ad valorem cess, converting the levy from a quantity based specific charge to a value based percentage charge.
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Provisions expressly mentioned in the judgment/order text.
Ad valorem cess on domestically produced crude replaces the existing fixed per tonne levy, changing the tax basis.
The Schedule to the Oil Industry (Development) Act, 1974 is amended to replace the existing specific per tonne cess on domestically produced crude oil with an ad valorem cess, converting the levy from a quantity based specific charge to a value based percentage charge.
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