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of <h1>Excise Duty Rate on Petroleum Crude Increased to Re. 1 per Tonne Under Finance Bill 2019, Effective July 6.</h1> The Finance (No. 2) Bill, 2019 introduces amendments to the Fourth Schedule of the Central Excise Act, 1944, specifically affecting the rate of Basic Excise Duty. Effective from July 6, 2019, the duty on petroleum crude, classified under tariff item 2709 20 00, is adjusted from nil to Re. 1 per tonne. This change is implemented immediately under the Provisional Collection of Taxes Act, 1931.
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