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Central Excise Bill, 2024

Context: The Central Board of Indirect Taxes & Customs (CBIC), operating under the Department of Revenue, Ministry of Finance, has issued an invitation for stakeholders to provide input on the draft ‘Central Excise Bill, 2024’ by June 26, 2024.

  • The Central Excise Bill, 2024 aims to enact a comprehensive modern central excise law repealing old and redundant provisions and promoting ease of doing business.

 

About Excise duty: 

Excise duty is an indirect tax collected by retailers or intermediaries from customers at the point of sale. It is paid when goods move from manufacturing units to warehouses. Governed by two key acts, the Central Excise Act of 1944 handles levy and collection, while the Central Excise Tariff Act of 1985 classifies goods and sets duty rates. With the implementation of Goods and Services Tax (GST), many excise duties were subsumed, leaving only petroleum and liquor subject to excise duty. Central GST replaced excise duty in most cases, while state governments collect excise duty on alcohol, alcoholic preparations, and narcotic substances, referred to as “State Excise” duty.

Central Excise Bill 2024 img
Central Excise Bill 2024

Source: PIB