So far, it has administered central excise and Customs duties. Finance minister Arun Jaitley in late March had approved the re-organisation of field formations of the CBEC for implementation of GST, as per which the body is being renamed as the Central Board of Indirect Taxes and Customs (CBIC). “The amendments would be necessary in these Acts as the Central Board of Excise and Customs is mentioned in certain provisions. Also, the Customs Act refers to the ‘board’ as the Central Board of Excise and Customs constituted under the CBR Act, 1963. The CGST Act and the GST (compensation to states) Act mention CBEC while the Integrated GST (IGST) and the Union Territory GST (UTGST) talks of only ‘board’ without elaborating.

Source: Mint June 25, 2017 05:48 UTC