Clause 222 - Amendment of Schedule to Act 47 of 1974 - FINANCE BILL, 2016

PART III

AMENDMENT TO THE OIL INDUSTRY (DEVELOPMENT) ACT, 1974

Amendment of Schedule to Act 47 of 1974

222. In the Oil Industry (Development) Act, 1974, in the Schedule, against Sl.No.1 relating to crude oil, for the entry in column 3, the entry “twenty per cent. ad valorem” shall be substituted.

 

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Notes on Clauses:

Clause 222 seeks to amend the Schedule to the Oil Industry (Development) Act, 1974 so as to levy cess at the rate of twenty per cent. ad valorem instead of the present rate of ₹ 4500 per tonne, on domestically produced crude oil.