Budget 2024: Amendments to Excise Duty & Clean Environment Cess

The Finance (No. 2) Bill, 2024 introduces significant amendments to excise regulations. The term “Basic Excise Duty” refers to the duty specified in the Fourth Schedule of the Central Excise Act, 1944, while “NCCD” denotes the National Calamity Contingent Duty imposed by the Finance Act, 2001. The Bill includes adjustments to Central Excise Notifications effective upon its enactment. Notably, Notification No 12/2012-Central Excise will extend the deadline for submitting Mega Power Project certificates from 120 to 156 months. Additionally, the Clean Environment Cess will be exempted on excisable goods in stock as of June 30, 2017, provided the GST Compensation Cess is paid for goods supplied after July 1, 2017. These changes aim to streamline compliance and update excise procedures in response to evolving legislative requirements.

EXCISE

Note:

(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the Central Excise Act, 1944.

(b) “NCCD” means National Calamity Contingent Duty levied under Finance Act, 2001, as a duty of excise on specified goods at rates specified in Seventh Schedule to Finance Act, 2001

(c) Clause Nos. in square brackets [ ] indicate the relevant clause of the Finance (No. 2) Bill, 2024.

(d) Amendments carried out through the Finance (No. 2) Bill, 2024 come into effect on the date of its enactment, unless otherwise specified.