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Suggestions Invited on Draft Central Excise Bill, 2024

Suggestions Invited on Draft Central Excise Bill, 2024
Start Date :
Jun 07, 2024
Last Date :
Jun 26, 2024
18:15 PM IST (GMT +5.30 Hrs)
Submission Closed

The Central Board of Indirect Taxes and Customs (CBIC) has prepared a draft of the 'Central Excise Bill, 2024'. This new draft bill aims to replace the outdated Central Excise Act, ...

The Central Board of Indirect Taxes and Customs (CBIC) has prepared a draft of the 'Central Excise Bill, 2024'. This new draft bill aims to replace the outdated Central Excise Act, 1944, with a comprehensive and modern central excise law. The primary focus of the consultative process is to enact a law that factors in ease of doing business and removes redundant provisions. The draft bill comprises 12 chapters, 114 (one hundred and fourteen) sections and two schedules.

Your suggestions/comments/views are invited in the pre-legislative consultative process on the draft Bill for shaping an efficient, clear, and business-friendly law on the MyGov platform.

How to Participate:
1. Review the draft of the 'Central Excise Bill, 2024' on the CBIC website HERE.
2. Submit your suggestions/comments/views in the following format by 26th June 2024.

Sl.No. | Clause No. of the draft Bill | Title of the Clause | Proposed modification, if any | Reasons, Comments or Remarks

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Showing 546 Submission(s)
BrahmDevYadav
BrahmDevYadav 1 year 6 months ago
Can we claim excise duty? Input tax credit:- When it comes to input tax credit, credit under excise duty can be availed on the tax levied on input goods and services. Under GST, credit can be taken too but the SGST credit cannot be adjusted against CGST credit and vice versa. However, IGST credit can be taken against SGST, CGST or IGST.
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BrahmDevYadav
BrahmDevYadav 1 year 6 months ago
How is the value of goods determined under central excise for the purpose of levying excise duty? Value under the Central Excise Act, 1944:- Value of the excisable goods has to be necessarily determined when the rate of duty is on ad-valorem basis. Accordingly, under the Central Excise Act, 1944 the following values are relevant for assessment of duty. Transaction value is the most commonly adopted method.
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BrahmDevYadav
BrahmDevYadav 1 year 6 months ago
Who is liable to pay Central Excise duty? Excise duty is a tax levied on the products manufactured within a country. Retailers or intermediaries collect this indirect tax from customers and pay it to the Central Government. This amount is payable when the manufacturers remove goods from their production area or warehouse and transfer it for selling.
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MahendraKumar bharadiya
MahendraKumar bharadiya 1 year 6 months ago
online tax collection & all mostly online system important for any tax & custom , give modern technology each officer permanantly & all system online from company ragistration to company data , all transport system also online system for goods also , thank u sir
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BrahmDevYadav
BrahmDevYadav 1 year 6 months ago
Is central excise duty still applicable? Yes, excise duty has been subsumed by the Goods and Service Tax (GST) along with other indirect taxes.
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BrahmDevYadav
BrahmDevYadav 1 year 6 months ago
What is the difference between Central Excise duty and excise duty? Fundamentally, excise duty is a tax levied on domestically produced goods. Generally, it is charged on their production and sale and is also known as CENVAT or Central Value Added Tax. Central Excise duty is an indirect form of taxation and is collected from a customer by a retailer or an intermediary.
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BrahmDevYadav
BrahmDevYadav 1 year 6 months ago
What is the interest rate under Central Excise Act 1944? Where any duty of excise has not been levied or paid or has been short levied or short paid, interest is leviable from the first day of the month succeeding the month in which the duty ought to have been paid till the payment of duty.
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BrahmDevYadav
BrahmDevYadav 1 year 6 months ago
Is central excise duty abolished? Central GST has replaced excise duty as excise is charged by the Central Government and it also collects the revenue from Central GST.
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BrahmDevYadav
BrahmDevYadav 1 year 6 months ago
What is the rule 57AC of Central Excise Rules 1944? Rules 57AC and 4(2)(a) and (b) of the Cenvat Credit Rules provide that Cenvat credit on capital goods received in a factory during a financial year shall be taken only for an amount not exceeding fifty per cent of the duty paid on such capital goods in the same financial year.
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