LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

GST switchover: Renaming CBEC as CBIC may take a while

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
GST switchover: Renaming CBEC as CBIC may take a while
Finance Minister, Arun Jaitley at a press conference. Image Source: IANS
Written By: PTI
Updated: Sun, Jun 25, 2017
10:14 am
PTI
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers

Rechristening the Central Board of Excise and Customs (CBEC) may not come about immediately as the revenue department may introduce amendments to at least five Acts only in the upcoming monsoon session next month.

With excise duty alongside nearly a dozen other central and state levies being taken over by the Goods and Services Tax (GST), the ambit of the CBEC is set to change and widen.

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).

This requires legislative approval as the government has to amend the mother Act, which is the Central Boards of Revenue (CBR) Act, 1963.

Also, amendments are required in the Central Excise Act, 1944, the Customs Act, 1962, and more recently notified the Central Goods and Services Tax (CGST) Act and the GST Compensation (Compensation to States) Act, among others.

"The amendments would be necessary in these Acts as the Central Board of Excise and Customs is mentioned in certain provisions. This has to be replaced with CBIC. Besides, there will be certain other Acts which mention CBEC. We also have to put in one line in the amendments that wherever CBEC is mentioned, it will be replaced automatically by CBIC," an official told PTI.

The amendments may be introduced in the monsoon session of Parliament, which is slated to begin from July 17.

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.

As per the CBR Act, the central government, in place of the Central Board of Revenue, will constitute two separate boards of revenue to be called the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC), and each such Board will be subject to the control of the central government.

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.

With legislative approval not in place, the CBEC has been notifying certain sections of CGST and IGST Acts as a precursor to the rollout of GST from July 1.

It has already notified 18 sections in the CGST Act and six of the IGST Act and come out with final rules under the new indirect tax regime.

While a section of officials in the revenue department believe that renaming of the CBEC is not that urgent and the amendments can be taken up in the Budget session, as the focus should right now be on reducing hassles in the new regime, some feel it needs to be done as soon as possible, the official said.

As per the reorganisation plan, the proposed CBIC will supervise the work of all its field formations and directorates and assist the government in policymaking in relation to GST, continuing central excise levy and Customs functions.

The CBIC will have 21 zones and GST Taxpayer Services Commissionerates.

The biggest indirect tax reform since Independence, GST will replace 16 different levies, including excise, Customs, service tax and VAT, and transform India into a single market for seamless transfer of goods and services. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GSTGoods and Service TaxGST rolloutCBECCentral Board of Indirect Taxes and CustomsCBICCentral Board of Excise and CustomsEconomy
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers

LATEST NEWS

Maharashtra Bank, Indian Overseas Bank, Andhra Petro to Adani Ports - here are top Buzzing Stocks today

PAN Aadhaar Linking – Link by this date or face penalty of Rs 1000; your PAN could also become inoperative

iQOO 7 series India launch date revealed: Check expected price, specifications and details here

CBSE Board exam 2021 cancellation: Will they, or won't they? From Arvind Kejriwal, Maha minister, Sonu Sood to CBSE — Who said what?

WATCH VIDEO: Expert shows how simple steam inhalation can protect you against Covid-19

Expert recommends BUY on ACC share with price target of Rs 2100

CBSE Class 10 Class 12 Board Exam Latest News: Will government CHANGE CBSE board exam 2021 date sheet - check all details here

Yes Bank Share price can multiply 2x to 3x over this period, says expert

CBSE Board Exam 2021: Cancel exams? 'CANCEL CBSE EXAMS', says Arvind Kejriwal - latest news and updates here

NEET PG 2021 Admit Card to be released TOMORROW as GLITCH hits candidates - check how to download, check other latest news here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved