New Delhi [India], June 4 : The Central Board of Indirect Taxes and Customs (CBIC) has invited suggestions on the draft 'Central Excise Bill, 2024' from stakeholders. The last date for submitting the suggestions is June 26, 2024.
The bill intends to replace the Central Excise Act of 1944 after its implementation, the Ministry of Finance said in a release.
The excise duty is an indirect tax collected from a customer by a retailer or an intermediary. It is paid when goods are transferred from the manufacturing unit to a warehouse. The excise duty is governed by two sets of acts: the Central Excise Act, 1944, and the Central Excise Tariff Act, 1985.
The draft of the bill has been uploaded to the website of the Central Board of Indirect Taxes and Customs.
CBIC is a division of revenue under the Ministry of Finance. The board was formed, among other things, to develop policies for central excise taxes, central goods and services tax, central goods and services tax collection, stopping smuggling, and managing customs-related issues.
The central revenue control laboratories, custom houses, central excise, and central GST commissionerates are just a few of the subordinate organizations under the administrative jurisdiction of the department.
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