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of <h1>Ministry of Finance Clarifies Assessable Value of Petroleum Products for Excise Duty; Includes Specific Charges in AV Calculation.</h1> The circular from the Ministry of Finance provides clarification on determining the assessable value (AV) of petroleum products for excise duty purposes. It distinguishes between 'Formula Products' priced by the Ministry of Petroleum and 'Free Pricing Products' priced by individual oil companies. The circular specifies that certain charges collected by oil companies, such as State Surcharge, Retail Pump Outlet (RPO) Charge (excluding transportation costs), RPO Surcharge, Railway Siding/Shunting Charges, and Air Field Charges (excluding transportation costs), must be included in the assessable value. This clarification aims to ensure uniform assessment practices and resolve pending disputes.
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