Industrial fuel-oil exemption: duty capped where flash point below threshold and specified distillation characteristic applies. The amendment substitutes the proviso to Notification No. 276/67-C.E., prescribing that excisable fuel-oil produced in non-conventional refineries which has a flash point below a prescribed threshold and of which not less than a specified proportion by volume distils above a prescribed temperature, and which is cleared for use as industrial fuel (but not as fuel for internal combustion engines), shall be exempted from excise duty to the extent that the duty exceeds a specified fixed amount per kilolitre at a standard reference temperature.
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Industrial fuel-oil exemption: duty capped where flash point below threshold and specified distillation characteristic applies.
The amendment substitutes the proviso to Notification No. 276/67-C.E., prescribing that excisable fuel-oil produced in non-conventional refineries which has a flash point below a prescribed threshold and of which not less than a specified proportion by volume distils above a prescribed temperature, and which is cleared for use as industrial fuel (but not as fuel for internal combustion engines), shall be exempted from excise duty to the extent that the duty exceeds a specified fixed amount per kilolitre at a standard reference temperature.
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