Central Board of Indirect Taxes and Customs (CBIC)

30.01.2024

Central Board of Indirect Taxes and Customs (CBIC) , Daily Current Affairs , RACE IAS : Best IAS Coaching in Lucknow

   Why in the news?

Recently, the Central Board of Indirect Taxes and Customs (CBIC) celebrated International Customs Day-2024.

Key Point

• This year, the World Customs Organisation (WCO) has dedicated the International Customs Day to the theme of ‘Customs engaging traditional and new partners with purpose’.

About Central Board of Indirect Taxes and Customs (CBIC):-

• It is a part of the Department of Revenue under the Ministry of Finance.
• It is a statutory body established under the Central Boards of Revenue Act, of 1963.
• It was formed in 1964 when the Central Board of Revenue was split into the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs.
• The Central Board of Excise and Customs was renamed the Central Board of Indirect Taxes and Customs in 2018.
• It is the nodal national agency responsible for administering:-

○Customs

○GST

○Central Excise

○Service Tax

○Narcotics in India.

• The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central GST Commissionerate and the Central Revenues Control Laboratory. (Tax administration in India)

Functions performed by the CBIC include:-

• Formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST.
• Prevention of smuggling.
• Administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST and Narcotics to the extent under CBIC’s purview.

                                                                 Source: PIB