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of <h1>Crude Petroleum Production Exceeds Previous Year, Gains Excise Duty Exemption for 2022-23 Under Central Excise Act.</h1> The Ministry of Finance issued Notification No. 07/2022-Central Excise, effective July 1, 2022, exempting crude petroleum produced in excess of the previous financial year's production from the Special Additional Excise Duty. This exemption applies to crude petroleum under heading 2709 of the Fourth Schedule to the Central Excise Act, 1944, and is enacted under section 5A of the Central Excise Act, 1944, and section 147 of the Finance Act, 2002. The exemption is intended to incentivize increased production and is applicable for the financial year 2022-23. This notification was later rescinded by Notification No. 29/2024-Central Excise dated December 2, 2024.
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