New Central Excise Bill to align with latest GST, customs laws; bring certainty for petroleum
In a move that could ease the burden for petroleum and tobacco players in the country, the finance ministry is all set to revamp the old Central Excise Act 1944 with a new Central Excise Bill 2024, aligning it with recent GST and customs laws.
According to the proposed Bill, the Central Board of Indirect Taxes and Customs is pushing for easier access to refunds, reducing interest on delayed payment of duty, clarification in the definition of related persons, and much more.
The new proposed bill is currently out for stakeholder comments before the government formally introduces it in Parliament and seeks approval.
Under the new bill, regarding the provisions for special economic zones, the bill proposes not to exempt excisable goods produced or manufactured in Special Economic Zones and brought to any other place in India from duty.
