Centre proposes new excise law, ease of doing business in focus
The Central Board of Indirect Taxes & Customs has invited suggestions on the draft ‘Central Excise Bill, 2024’, which aims to enact a comprehensive modern central excise law with an emphasis on promoting ease of doing business and repealing old and redundant provisions.
The main aim of this bill is to remove outdated and redundant provisions following the introduction of the Goods and Services Tax (GST). This Bill addresses the long-standing demand from industry players to align excise duty provisions with GST legislation, experts say.
The Bill comprises twelve chapters, 114 sections and two schedules. Stakeholders have been asked to send their comments on the bill by June 26. Once enacted, the bill will replace the Central Excise Act, 1944.
Tanushree Roy, Director – Indirect Tax, Nangia Andersen India says that the drafting of the Central Excise Bill 2024 is a critical step towards modernising India’s tax framework and ensuring that it is in line with the current economic environment and GST legislation
