Central Excise Bill 2024: What You Need to Know

The central government has proposed the new Central Excise Bill 2024, aiming to revamp excise laws by integrating CENVAT Credit provisions, previously governed separately. Additionally, the bill seeks to incorporate ‘related persons’ concept from Customs and GST Laws, eliminating outdated provisions and aligning excise law with GST and Customs framework. Experts anticipate reduced compliance burden and a more cohesive indirect tax system. Stakeholders are urged to provide feedback to CBIC by June 26th. The draft aims to replace the antiquated Central Excise Act, 1944, with a modern framework, focusing on business facilitation and eliminating obsolete provisions. This significant step towards modernization aligns with the current economic landscape and GST legislation. The draft’s timing suggests it may be introduced in the upcoming budget session.