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of <h1>Finance Ministry Amends Excise Duty on Petroleum Crude to Rs. 1700 per Tonne Effective January 16, 2024.</h1> The Ministry of Finance, Department of Revenue, has issued Notification No. 03/2024-Central Excise, dated January 15, 2024, to amend Notification No. 18/2022-Central Excise from July 19, 2022. This amendment reduces the Special Additional Excise Duty on petroleum crude production, changing the duty to Rs. 1700 per tonne. The amendment is made under the powers conferred by the Central Excise Act, 1944, and the Finance Act, 2002, in the public interest. The notification will be effective from January 16, 2024.
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