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New central excise bill may lead to reduction in compliance burden
The New Indian Express
|June 10, 2024
THE new central excise bill 2024, proposed by the central government, aims to streamline the excise law by incor porating the CENVAT Credit provisions, which were previously governed by a separate delegated legislation.
Further, the Bill intends to borrow the concept of 'related persons' from Customs and GST Laws. It will do away with the outdated provisions, incorporate the relevant regulations in the Act itself and align excise law with the GST and Customs framework for ensuring a more cohesive indirect tax system.
"The Bill may lead to a reduction in compliance burden, and provide a comprehensive legal framework better suited to the current economic landscape.
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