Central board of excise and customs [CBEC] to be renamed central board of indirect taxes and customs (CBIC).
With the roll out of GST, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2018-19 in Parliament today, announced that the name of Central Board of Excise and Customs [CBEC] will be changed to Central Board of Indirect Taxes and Customs (CBIC). The necessary changes in law for this are proposed in the Finance Bill, Shri Jaitley added
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Central Board of Excise and Customs (CBEC) Renamed to Central Board of Indirect Taxes and Customs (CBIC)
The Central Board of Excise and Customs (CBEC) has been renamed as the Central Board of Indirect Taxes and Customs (CBIC). This change was announced by the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, during the presentation of the General Budget 2018-19 in Parliament. The renaming is in line with the implementation of the Goods and Services Tax (GST) in India.
The CBIC is responsible for the administration of indirect taxes, including customs, central excise, service tax, and GST. With the introduction of GST, which is a comprehensive indirect tax reform, the CBIC plays a crucial role in ensuring the smooth implementation and administration of the tax system.
The necessary changes in the law to reflect the renaming of CBEC to CBIC are proposed in the Finance Bill. This change signifies the shift towards a unified tax system and highlights the focus on indirect taxes and customs in the country.
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