Central Board of Excise and Customs to be renamed CBIC by April

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  • Rechristening of the apex indirect tax policy-making body CBEC to Central Board of Indirect Taxes and Customs (CBIC) is likely to happen by April after the budgetary exercise gets Parliament nod. With excise duty, service tax, alongside 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.
  • In his budget speech for 2018-19, Finance Minister said with the roll out of GST the name of CBEC would be changed to CBIC. “Through Finance Bill 2018, we are amending the Central Boards of Revenue (CBR) Act, 1963, as well as the Central Goods and Services Tax Act, 2017, replacing CBEC with CBIC,” a government official told PTI.
  • 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 to be replaced with CBIC in the Act.
  • The National Academy of Customs, Indirect Taxes & Narcotics (NACIN) is the premier training institute and is under the administrative control of CBEC. Besides, the Directorate General of Central Excise Intelligence (DGCEI) has already been renamed as the Directorate General of Goods and Services Tax Intelligence (DGGSTI). Besides, the Directorate General of Analytics and Risk Management (DGARM) was set up last year to provide analysis of data relating to customs, excise and GST.

Source:Financial Express