In a crucial update, the Ministry of Finance has issued Notification No. 31/2024-Central Excise, dated December 3, 2024, rescinding Notification No. 08/2022-Central Excise. This decision, published in the Gazette of India, Part II, Section 3(i), takes immediate effect.
The rescinded notification, originally issued on June 30, 2022, had outlined specific excise-related provisions under the Central Excise Act, 1944, and the Finance Acts of 2018 and 2021. The government invoked Section 5A of the Central Excise Act, 1944, along with Section 112 of the Finance Act, 2018, and Section 125 of the Finance Act, 2021, to execute this measure in the public interest.
The rescission does not impact actions already undertaken under the earlier notification, ensuring that no past compliance efforts are invalidated.
This move aligns with the government’s commitment to streamlining tax processes and eliminating outdated provisions. Businesses and taxpayers are advised to review their compliance frameworks to align with this latest regulatory update.
Official copy of the notification has also been attached
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