The new Central Excise Bill 2024 to offer more streamlined indirect tax system

The ambit of the bill will be expanded to include CENVAT credit and will extensively review the exemptions given to SEZs under excise duty. Audit processes will be made more stringent and transparency will be improved. The bill also seeks to alter the excise duty levied on goods manufactured in SEZs. Any changes in the excise duty will have to be done through a separate notification. Ultimately, the bill will reduce the compliance burden. While calculating the refund of duty, the interest on refunds delayed will be calculated after two months from the date of refunds application is made.