The CBIC vide Notification No. 07/2022- Central Excise dated June 30, 2022 has issued the exemption of the Special Additional Excise Duty (“SAED”) leviable under Section 147 of the Finance Act, 2002 (“the Finance Act”) on Crude Petroleum falling under heading 2709 of the of the Fourth Schedule to the Central Excise Act, 1944, when produced by a person which is in excess of Crude Petroleum Oil produced by such person during the preceding Financial Year, w.e.f. July 1, 2022.
Further, it has been clarified that, for the Financial year, 2022-23, the SAED shall not apply to such quantity that is produced by a person immediately after exceeding his production of crude petroleum oil during the Financial Year 2021-22.
The Notification can be accessed at: https://taxinformation.cbic.gov.in/view-pdf/1009402/ENG/Notifications
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