CBIC Draft Bill
The CBIC has released a draft bill to amend the Central Excise Act, aiming to update the 80-year-old law. The new bill focuses on simplifying rules, removing outdated provisions, and adapting to the current economic climate. It includes 12 chapters, 114 sections, and 2 schedules. The bill also considers integrating petroleum products into GST. Public feedback is invited by June 26.
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