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The Finance Ministry is seeking public opinion on a draft bill to replace the 80-year-old Central Excise Act, which came into force in 1944. The new bill is likely to be passed in the upcoming budget session. Replacement of the archaic bill will ensure ease of doing business and bring more transparency.
The Central Board of Indirect Taxes and Customs (CBIC) is seeking feedback on the draft Central Excise Bill, 2024 by June 26, as part of the pre-legislative consultative process.