The proposed Central Excise Bill represents a significant reform in indirect taxation, updating the 80-year-old Central Excise Act to align with the modern GST law and adjusting its scope following the introduction of GST. This article highlights the key features of the bill, including:
‣ Changes in the levy of the proposed Act on SEZs
‣ Provisions related to the credit of duty paid
‣ Provisions concerning the transition of credit from the repealed Act
‣ Changes in the interest rates from the repealed Act
‣ Reduction in the duty rate for certain tobacco products
‣ Miscellaneous changes, such as error rectification and adjustments to the time limits for demand and recovery
