CBIC Announces Changes to Excise Duty on Petroleum Crude, Aviation Turbine Fuel, and Diesel

The Central Board of Indirect Taxes and Customs (CBIC) has released two notifications regarding changes to excise duty on certain products.

Notification No. 03/2023-Central Excise announces an increase in the Special Additional Excise Duty on the production of petroleum crude and export of Aviation Turbine Fuel, effective January 17th, 2023. The duty will be increased to Rs. 1,900 per tonne.

Notification No. 04/2023-Central Excise announces a reduction in the Special Additional Excise Duty on Diesel, also effective January 17th, 2023. The duty will be reduced to Rs. 3.50 per litre.

Both notifications were released on January 16th, 2023