You don’t know enough if you don’t know it all
There’s always an entity to begin a new system or a process and they are called the pioneers in their domain. The Central Board of Excise and Custom (CBEC), much recently renamed as Central Board of Indirect taxes and Customs (CBIC) is one pioneer that has been accountable for conducting all the processes falling under Customs, Central Excise, Service Tax & Narcotics in India since long before India attained independence.
At the time, the then British Governor General of India had constituted CBEC in the year 1855 to streamline the nation’s taxes and customs laws, import and export duties, and other revenues. And as we know, one of the oldest government departments in India, it currently is a major part of the Department of Revenue, Ministry of Finance.
Taxes and customs have all the power to make or break a country’s economy, and it would be apt to say, India is in good hands. CBEC has been a strong-headed masterpiece, taking care of our country’s fiscal parameters, setting it as quite an example for many developing nations.
So, what does CBEC do?
As per the website, here are the functions, the Department of Revenue is in charge of:
- “Levy and collection of Direct and Indirect Taxes
- Levy of taxes on sales in the course of inter-state trade or commerce
- Investigation into economic offences and enforcement of economic laws.
- Matters relating to CESTAT
- Enforcement of FEMA and recommendation of detention under COFEPOSA
- Matters relating to consolidation/reduction/exemption from payment of Stamp duty under Indian Stamp Act, 1899
- Prevention and combating abuse of Narcotic drugs and psychotropic substances and illicit traffic therein
- Framing of policy for cultivation, export, and fixation of price of Opium etc.
- Work relating to forfeiture of property under Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 and Narcotics Drugs and Psychotropic Substances Act, 1985
- Residual work of Gold Control
- Cadre Control of IRS (Group-A) and IRS (C&CE) (Group-A)”
CBEC is the arbour anyone could approach and find answers to every query in regards to our country’s growth. Not only does it assist every taxpayer in India, it is on toes when a new policy is introduced or a new action plan is chalked out for the benefit of the people. Every little detail or update regarding the monetary plans and CBEC is on a roll, pushing out the new reforms and notifications through press releases and other viable channels.
With the dawn of the rebellious the Goods & Services Tax (GST), CBEC has been remarkably and single-handedly administered the new tax regime. The GST Index page on the aforementioned site has every minuscule detail that one may need to know in order to comply with GST. The index page has every information in both Hindi and English.
CBEC’s latest godchild, GST has redefined the whole tax structure of India, and based on the developments, agreements, changes and overall outcomes, the umbrella agency makes it a point to get the whole country accustomed to them, in the easiest possible way. For instance, in case a taxpayer or even a concerned citizen cares to know about the latest developments in GST, can visit the government website and find everything s/he needs to know, right on the homepage.
As the saying goes, “always head to the master”, CBEC indeed is the master guarding India’s taxes with all its might, and serving the nation with sheer diligence.