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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 This new draft bill aims to replace the outdated Central Excise Act, ...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 This new draft bill aims to replace the outdated Central Excise Act, 1944, with a comprehensive and modern central excise law.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)
CHANDA NAGARAJU
CHANDA NAGARAJU 1 year 10 months ago
Federal, state, and local governments have the authority to institute excise taxes. While income tax is the primary revenue generator for federal and state governments, excise tax revenue also makes up a small portion of total revenue.34
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CHANDA NAGARAJU
CHANDA NAGARAJU 1 year 10 months ago
Excise taxes are primarily for businesses. Many of them are paid by merchants who then pass the tax on to consumers through higher prices. Merchants pay excise taxes to wholesalers and consider them in product pricing which increases the retail price overall.
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CHANDA NAGARAJU
CHANDA NAGARAJU 1 year 10 months ago
Some excise taxes can be required directly from the consumer like property taxes and excise tax penalties on certain retirement account activities.
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CHANDA NAGARAJU
CHANDA NAGARAJU 1 year 10 months ago
Excise taxes are taxes levied on specific goods or services like fuel, tobacco, and alcohol. They are primarily taxes that must be paid by businesses, usually increasing prices for consumers indirectly.
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CHANDA NAGARAJU
CHANDA NAGARAJU 1 year 10 months ago
The law has been revamped to resolve some of the past and ongoing disputes and the government would be entrusted with the powers to extend time limits in special circumstances due to force majeure or pass orders to remove difficulties.
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CHANDA NAGARAJU
CHANDA NAGARAJU 1 year 10 months ago
The main aim of this bill is to remove outdated and redundant provisions following the introduction of the Goods and Services Tax (GST). This Bill addresses the long-standing demand from industry players to align excise duty provisions with GST legislation
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CHANDA NAGARAJU
CHANDA NAGARAJU 1 year 10 months ago
The Excise duty on rest of goods is called "Central Excise" duty and is collected in terms of Section 3 of the Central Excise Act, 1944. Sales Tax is different from the Excise duty as former is a tax on the act of sale while the latter is a tax on the act of manufacture or production of goods.
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Patel Riken AmitKumar
Patel Riken AmitKumar 1 year 10 months ago
The bill should be discussed majorly because it will definitely reduce corruption as there will be no middle man, it will hike transparency among retailers and hence, it will be beneficial for the public as they won't have to pay indirect tax.
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