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Below the Quote on Central Excise Bill, 2024 by Gunjan Prabhakaran, Partner & Leader, Indirect Tax, BDO India

The release of the draft Central Excise Bill, 2024, which seeks to replace the Central Excise Act, 1944, 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.
The industry should take this opportunity to look at the draft law closely and provide suggestions to the CBIC on any areas, where it is needed. Considering the time of release of the draft law for comments and the timeline for submission of comments, it appears to be likely that this new bill might be introduced in the upcoming budget session, which would be first for the new Government, itself.

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