CBEC Abbreviation

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Popular abbreviations of CBEC:

Searching for CBEC abbreviation / CBEC full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

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What does CBEC mean?

The Central Board of Indirect Tax payments and Customs (CBIC) is an Indian overseas national institution charged with the administration of the Goods and Services Tax (GST), Traditions, Service Tax, Central Taxation, & Narcotics. In 1855, the then-British Gov. The General of India established the Customs & Custom Duties Dept to supervise Indian customs rules and regs and collect import duties and land revenue.

Significance of Customs and Central Excise/GST

Currently, the Customs & Central Excise/GST departments are under the Ministry of Finance’s Department of Taxation. The authority is staffed by ministerial employees who are chosen through the Staff Selection Commission’s (SSC) matric, higher secondary, & combined graduate-level examinations, as well as IRS officers who will be selected for the Civil Services Examination within 25-30 years, with a few experienced officers who become Chairman/Members of the CBIC/CESTAT/Settlement Committee.

The Central Board of Indirect Taxes and Customs operates as follows –

The Central Committee of Informal Taxes as well as Customs (CBIC), which was once the Central Board for Customs & Excise, comes under Central Boards of Taxes established under the Central Panels for Internal Act of Revenue, 1963, and is secondary to the Organisation of Finance’s Department of Health.

It is mainly responsible for formulating and implementing policies relating to the imposition of Central Excise taxes, Import taxes, as well as Value Added Tax, and the preventative measures of smuggling & administration of Customs, National capital Excise, Central Goods & Service Charges (CGST), and Narcotics to the large extent that they fall within CIBC’s jurisdiction.

Conclusion

Thus, the Central Goods, Customs, and Services Commissionerates, as well as the Central Tax revenue Monitoring Laboratory, all report to the Board, which serves as the administrative agency for its subordinate organizations.