According to the reports, the British Governor-General of India constituted the CBIC in 1855 to keep tabs on all the taxes of nation and custom laws, exports and import duties, and other necessary revenues. CBIC is considered one of the oldest government departments in India. And, it is still a major part of the Department of Revenue governed by the Ministry of Finance. Here we will explain about the CBIC GST impact.
The work of CBIC and the amount of money that came from taxes is used to make the country’s economy. Thus, we can say that India is doing great. Also, there is no loss in stating that Indian CBIC is really a masterpiece created by strong-minded people.
We know you might be wondering what exactly CBIC does? And, how is GST CBIC related?
CBIC assists every tax-paying person in India and always introduces new policies and a new action plan to benefit both the government and people. Also, CBIC can be approached by any person to find answers to tax-related queries and inquiries regarding our country’s growth.
Note: There are no credentials to login into CBEC or CBIC portal or to any of the services provided by the website. Furthermore, the CBIC official website provides logins that led individuals to several websites such as – ICEGATE, ICETRAK, ACES and many more.
Table of contents
What is CBIC GST?
CBIC is an acronym for Central Board of Indirect Taxes and Customs. The CBIC was known as the Central Board of Excise & Customs in its early days. The CBIC was launched on 1st January 1964. It is a part of the Department of Revenue and governed directly by the Ministry of Finance, Government of India.
Further, the CBIC is controlled by the Chairman and has a total of six primary members apart from the chairman. However, the performance of its administrative and executive functions, CBIC, is governed by Principal Chief Commissioners and Principal Director Generals.
What is the work of CBIC?
The primary work of CBIC is to formulate the policies related to customs, central excise duty, central goods and services, tax and IGST, preventing the smuggling of illegal things and administrating custom matters, goods and services, and narcotics to the very extent under CBIC.
In short, we can say that framing of all indirect taxes and customs policies for cultivation, export and fixation of price, etc is all decided by CBIC under the GST laws.
CBDT: No TDS on GST Component
Once the GST is implemented, CBDT receives many inquiries on the services of TDS and treatment of the GST component.
CBDT clarified through their circular number 23/2017 that if the GST services are indicated separately in the invoice then no tax will be deducted under the GST laws component. GST also has CGST, SGST, IGST, and UTGST.
Benefits of CBIC GST
- Supports India in its socio-economic growth.
- Deliver several services and make sure that they all are simple, transparent, fair, and technology-driven.
- These policies will encourage voluntary compliance.
- Protect the basic right of every tax paying person in India.
- Legalization of transferring or trading of people, goods, and services.
- Put every effort to ensure national security.
- Use the taxable amount for investing it for the benefits of citizens and India.
Final Closure –
We are sure that now you have understood what GST CBIC is, how it works, and how it can benefit both the country and its citizens. We would like you to know that GST CBIC encourages voluntary compliance, educates citizens about indirect tax laws, increases the delivery of standards, and promotes the consultative and collaborative environment. CBIC GST also provides information and assistance on the GST Seva Kendras available on the official website.
Furthermore, if you have any queries let us know in the comment section.
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Frequently Asked Questions (FAQ’s)
What is CBIC GST Full form?
The full form of CBIC in GST is the Central Board of Indirect Taxes and Customs.
Who is the head of CBIC?
Mr Muttoli Ajit Kumar, IRS is the present head of the Central Board of Indirect Taxes and Customs.
Who appoints the CBIC Chairman?
The chairman of the Central Board of Indirect Taxes and Customs is appointed by the ACC (Appointments Committee of the Cabinet) that is led by the Prime Minister of India.
When was CBIC founded?
The Central Board of Indirect Taxes and Customs was founded in the year 1964 on 1st January.
What is the duty-free allowance for an individual of Indian Origin (British passport holder) returning to India for a short vacation?
Any person of Indian origin (British Passport holder) coming to India for a short vacation is eligible for a free allowance of up to Rs. 12000.
How much is the customs duty on a brand new car coming from Canada to India?
The cumulative customs duty incidence on cars is 181%. Furthermore, the car can only be imported, if an individual is planning or transferring their residency into India. Although, the engine capacity must be less than 1600 cc for any new car. However, for old cars, no engine cc limit is required. But the car must be an individual’s possession for more than a year.
If someone has special dietary needs and would like to bring some frozen chicken and meat meals then how much free allowance will they get?
The Indian custom will allow you to clear your food items (legal in India) because it is a special dietary need. However, an individual will be allowed a free allowance of up to Rs. 12,000 on the value of personal goods including food items
