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 ... Summary
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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