Amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
Tariff items 2709 10 00, 2709 20 00, and the entries are being substituted relating thereto as under: [to be made effective from 01.04.2021] [Clause [96(i)] of the Finance Bill, 2021]
Tariff Item
Description of goods
Unit
Rate of duty
2709
Petroleum oils and oils obtained from bituminous minerals, crude
Tariff amendment revises Chapter 27 classifications for petroleum oils, altering excise duty treatment effective next fiscal year.
Amendment substitutes entries in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944 revising tariff items for petroleum oils: petroleum crude is classified under tariff item 2709 00 10 assessed per kilogram with a nil excise duty, and a substituted entry for other petroleum oils appears under 2709 00 20 assessed per kilogram with the duty entry not specified in the extract; the amendment is linked to the Finance Bill and is stated to take effect from the next fiscal year.
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