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of <h1>Government Ends Warehousing Facility for Petroleum; Excise Duty Due on Removal and Existing Stocks from Sept 6, 2004.</h1> The government has decided to withdraw the warehousing facility for petroleum products, effective September 6, 2004. Refineries must now pay excise duty upon removal of products, with payments made monthly. Duty is also required on stocks in warehouses as of midnight on September 5/6, 2004, and on products in transit. The assessable value of products is determined under the Central Excise Act. Certain exemptions remain for specific end-users. Authorities must ensure smooth implementation and address any difficulties promptly. The warehousing facility continues for specific goods under Chapter-29 and for direct supply to foreign vessels or aircraft.
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