India to Repeal 80-Year-Old Central Excise Act, Introduce Modern Law Aligned with GST

Overview

The Indian government is preparing to repeal the Central Excise Act, 1944, an 80-year-old statute, and replace it with a modernized law in the upcoming budget. This reform aims to align excise duty procedures with the Goods and Services Tax (GST) framework, simplifying compliance and administration for specific products like petroleum, natural gas, and tobacco.