CBEC is renamed as Central Board of Indirect Taxes and Customs (CBIC)

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Studycafe | Mar 31, 2018 | Views 1400520

CBEC is renamed as Central Board of Indirect Taxes and Customs (CBIC)

CBEC is renamed as Central Board of Indirect Taxes and Customs (CBIC)
With the enactment of Finance Act, 2018, CBEC is renamed as Central Board of Indirect Taxes and Customs (CBIC). This change was necessitated due to enactment of Goods and Services Tax (GST) which has consolidated multiple indirect taxes into one tax.
With excise duty, service tax, along side nearly a dozen other central and state levies being subsumed in the Goods and Services Tax (GST) rolled out from July 1, the ambit of the Central Board of Excise and Customs (CBEC) has widened.
The official said since the CBR Act provides for constitution of separate boards of revenue for direct taxes and excise and customs, the name of CBEC has been replaced with CBIC in the Act.
This Information has been updated on Twitter account of CBIC.
 

 
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