CBIC

CBIC

Subject : National organisations

Context : The Central Board of Indirect Taxes and Customs (CBIC) on Saturday allowed businesses to import and export goods without furnishing bonds to the customs authorities until June-end, a move aimed at ensuring no delay or disruption in EXIM trade due to COVID-19.

Concept :

Central Board of Indirect Taxes and Customs (CBIC):

• The Central Board of Indirect Taxes and Customs (CBIC), formerly known as the Central Board of Excise and Customs (CBEC), is a one of the Statutory Boards constituted under the statute the Central Boards of Revenue Act, 1963 (54 of 1963).
• It is subordinate to the Department of Revenue under the Ministry of Finance, Government of India.
• It deals mainly with the tasks of formulation and implementation of policy concerning to the levy and collection of Customs duties, Central Excise duties and Goods & Services tax, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods and Service Tax (CGST) and Narcotics to the extent under CBIC’s purview.
• The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Goods and Services Commissionerates and the Central Revenues Control Laboratory.
• The CBIC is headed by a Chairman and has 6 members in addition to the Chairman. In the performance of its administrative and executive functions, the CBIC is assisted by Principal Chief Commissioners/Chief Commissioners and Principal Director Generals/Director Generals.
• The Principal Commissioners/ Commissioners working under the Principal Chief Commissioner/ Chief Commissioner’s supervision also discharge executive functions.