CBIC unveils new draft, set to replace 8-decade old central excise regime

General Awareness : Current GK Indian Polity

05-Jun-24

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).
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.