A new excise law to refine 80-year-old Act will make life easier for oil firms
While the Goods and Services Tax has subsumed most goods into it, five products in the oil and gas sector were left in the excise duty regime as states were not prepared to bring these high-revenue-earning items into the GST regime. (Bloomberg)
The proposed Central Excise Bill 2024 aims to align the excise duty regime with the GST and customs frameworks, potentially reducing compliance burden for oil and gas companies
A new law proposed to replace the eight-decade-old Central Excise Act will cut the compliance burden on oil and gas companies that are currently governed by the excise duty regime. The proposed Central Excise Bill 2024 aims to align the excise duty regime with the modern Goods and Services Tax (GST) and customs frameworks. If passed, experts say, compliance requirements for companies such as Oil and Natural Gas Corp. Ltd, Oil India Ltd and Indian Oil Corp. would be aligned with those of the GST regime.
