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AMENDMENTS IN THE FOURTH SCHEDULE TO THE CENTRAL EXCISE ACT, 1944
S. No. | Amendments affecting rate of Basic Excise Duty [to be effective from 06.07.2019]* [Clause [90] of the Finance (No. 2) Bill, 2019] | Rate of Duty | ||
S. No. | Heading, sub-heading tariff item | Commodity | From | To |
1 | 2709 20 00 | Petroleum Crude | Nil | Re. 1 per tonne |
* Will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931.
Basic excise duty on petroleum crude raised, imposing a nominal per tonne duty and enabling provisional collection under tax law. The Finance (No.2) Bill, 2019 amends the Fourth Schedule to the Central Excise Act, 1944 to impose a nominal per tonne basic excise duty on petroleum crude, changing the rate from nil and providing that the revised duty operates immediately under a declaration made under the Provisional Collection of Taxes Act, 1931.
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