The apex policy making body for indirect taxes, CBEC is being rechristened as the Central Board of Indirect Taxes & Customs (CBIC) in the run up to the Goods and Services Tax regime to be rolled out from July 1.
“The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval,” a Finance Ministry statement said.
CBIC would supervise the work of all its field formations and directorates and assist the government in policy making in relation to GST, continuing central excise levy and customs functions, it said.
“Finance Minister Arun Jaitley has approved the reorganisation of the field formations of the CBEC for the implementation of GST,” it added.
The existing formations of central excise and service tax under the CBEC have been re-organised to implement and enforce the provisions of the proposed GST Laws, it added.
The renamed Directorate General of Goods & Service Tax Intelligence is also being strengthened and expanded to become an important wing of the government in its fight against tax evasion and black money.
Indirect tax reform GST is expected to curb tax evasion, make commodities cheaper and add up to 2 per cent to India’s GDP growth. GST will subsume excise, service tax, VAT and other local levies.
“This will ensure rendering of taxpayer services to all the taxpayers through an indirect tax administration structure, having pan-India presence,” the statement said.
For a robust IT Network, the Directorate General of Systems under CBEC is being strengthened.
The Directorate General Tax Payer Services is being expanded for greater out-reach for facilitating smooth transition for the taxpayers to the GST environment.
The existing training establishment,�to be renamed as National Academy of Customs, Indirect Taxes and Narcotics will have an all-India presence, to enable capacity building to the employees of the indirect tax administration of the Centre as well as of the State Governments and to members of Trade and Industry.