New Central Excise Bill to align with latest GST, customs laws; bring certainty for petroleum, tobacco sectors

The Finance Ministry is set to introduce the Central Excise Bill 2024, replacing the outdated Central Excise Act 1944, aligning it with recent GST and customs laws. The proposed bill aims to ease the burden for petroleum and tobacco players by providing easier access to refunds, reducing interest on delayed duty payments, and clarifying the definition of related persons. \r

It proposes a one-year limitation for refund claims and a three-year time limit for demands and recovery, providing certainty for both taxpayers and the government. Experts welcome the modernization efforts, highlighting the shift towards efficiency and predictability in India's excise framework, anticipating a smoother business environment. \r

The bill is currently open for stakeholder comments before formal introduction in Parliament.