New central excise bill may lead to reduction in compliance burden
NEW DELHI: The new central excise bill 2024, proposed by the central government, aims to streamline the excise law by incorporating the CENVAT Credit provisions, which were previously governed by a separate delegated legislation.
Further, the Bill intends to borrow the concept of ‘related persons’ from Customs and GST Laws. It will do away with the outdated provisions, incorporate the relevant regulations in the Act itself and align excise law with the GST and Customs framework for ensuring a more cohesive indirect tax system.
“The Bill may lead to a reduction in compliance burden, and provide a comprehensive legal framework better suited to the current economic landscape. While the Bill is a positive step towards modernisation, the assesses must avail the opportunity to get their concerns addressed by providing inputs to the CBIC by June 26th,” Rachit Jain, Partner at Lakshmikumaran & Sridharan Attorneys said.
