CBIC unveils new draft, set to replace 8-decade old central excise regime | Economy & Policy News

The Central Board of Indirect Taxes and Custom (CBIC) has come out with a draft Central Excise Bill, 2024, which seeks to replace the eight-decade old Central Excise Act, 1944.

The move could pave the way for petroleum products to come under the ambit of Goods and Services Tax (GST).

“The indirect tax apex body has released a draft of a new Bill. It aims to enact a comprehensive modern Central Excise law with an emphasis on promoting ease of doing business and repealing old and redundant provisions,” CBIC stated.

At present, Central Excise is levied mainly on petroleum products. As a part of the pre-legislative consultative process, CBIC has sought stakeholders’ comments by June 26.

The bill indicates the government’s intention to revisit the provisions of the existing Central Excise Act while also working on consensus for introducing GST on all products, including petroleum products, which are still not covered under the GST ambit, said Gunjan Prabhakaran, Partner & Leader, Indirect Tax, BDO India   

The Bill comprises twelve chapters, 114 (one hundred and fourteen) sections and two schedules.

First Published: Jun 04 2024 | 10:24 PM IST