Monday, 3 July 2017

Finance Ministry notifies excise duty rates on petroleum products w.e.f July 1

Finance Ministry notifies excise duty rates on petroleum products w.e.f. today, i.e. July 1; Levies duty at Rs. 8.48 per litre on Motor Spirit (Petrol) ‘intended for sale without brand name’ vs. Rs. 9.66 per litre for ‘other’; High Speed Diesel (HSD) ‘intended for sale without a brand name’ shall attract rate Rs. 10.33 per litre excise duty while 'other' shall be taxed at Rs. 12.69 per litre; Extends exemption to ‘Kerosene’ for ultimate sale through public distribution system, 5% & 10% ethanol blended petrol, HSD oil blended with alkyl esters of long chain fatty acids, LNG, and Natural Gas (other than compressed natural gas); Aviation Turbine Fuel drawn by operators or cargo operators from the Regional Connectivity Scheme (RCS) airports to be taxed at 2% till August 25, 2019; Supersedes Notification No. 12/2012-CE : Finance Ministry Notification 

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