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of <h1>Finance Ministry Reduces Excise Duty on Petroleum Crude and Aviation Fuel Effective January 17, 2023.</h1> The Ministry of Finance, Department of Revenue, has issued Notification No. 03/2023-Central Excise, amending Notification No. 18/2022-Central Excise. Effective January 17, 2023, the Special Additional Excise Duty (SAED) on petroleum crude production is reduced to Rs. 1,900 per tonne, and on aviation turbine fuel export to Rs. 3.50 per litre. This amendment, enacted under the Central Excise Act, 1944, and the Finance Act, 2002, is deemed necessary in the public interest. The original notification was published on July 19, 2022, and was last amended on January 2, 2023.
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