CBIC invites suggestions on draft Central Excise Bill, 2024 to amend Central Excise Act, 1944
After implementing GST, Central Excise is levied mainly on petroleum products.
The Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, invites suggestions on the draft ‘Central Excise Bill, 2024’ from stakeholders by 26th June 2024 which aims to amend 80 years 80-year-old Central Exercise Act.
The CBIC has prepared a draft ‘Central Excise Bill, 2024.’ This Bill is supposed to replace the Central Excise Act, of 1944.
The Bill 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 Bill comprises twelve chapters, 114 (one hundred and fourteen) sections, and two schedules.
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As a part of the pre-legislative consultative process, the draft ‘Central Excise Bill, 2024’ has been uploaded on the website of CBIC [https://www.cbic.gov.in] for inviting suggestions from the stakeholders in the following format within 21 days.
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