Analyzing the Implications of Central Excise Duty Changes on Petroleum Products

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..... 1-2024 - Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude. Introduction The Central Excise duty on petroleum products has undergone significant changes as reflected in the Central Excise Notifications No. 18/2022 and No. 03/2024 . These modifications in the tax structure hold substantial imp .....

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..... act its ability to fund various public sector projects and welfare schemes. Impact on Oil Companies and Related Industries : For oil companies, a lower excise duty could mean higher profit margins or the opportunity to reduce prices for end consumers. However, this could also lead to a reduction in the incentive for exploring alternative energy sources. Consumer Pricing : The r .....

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..... s with the economic and environmental impacts, these changes reflect the challenges in managing a vital sector like petroleum in a developing economy. The long-term effects of these adjustments will be crucial to observe, especially in the context of India's commitment to sustainable development and energy security. Full Text : Notification No. 03/2024 - Dated: 15-1-2024 - Seeks .....

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