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The Central Board of Indirect Taxes and Customs (CBIC), formerly the Central Board of Excise and Customs, is a statutory body under the Department of Revenue, Government of India. It oversees the administration of indirect taxes, including customs duties, excise duties, and the Goods and Services Tax (GST).
With the subsumption of several indirect taxes and levies, including central excise duty and service tax, under the GST, the nomenclature was updated to reflect the changed structure of taxation from IRS (Customs and Central Excise) to IRS (Customs and Indirect Taxes).
The single GST [27] subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. [ 28 ] [ 29 ] Other levies which were applicable on inter-state transportation of goods have also been done away with in GST regime.
With the subsumption of several indirect taxes and levies, including central excise duty and service tax, under the GST, the nomenclature was updated to reflect the changed structure of taxation from IRS (Customs and Central Excise) to IRS (Customs and Indirect Taxes).
Central Excise duty, additional excise duty, Service Tax, and additional duty of customs (equivalent to excise), State VAT, entertainment tax, taxes on lotteries, betting and gambling and entry tax (not levied by local bodies) would be subsumed within GST. Other taxes which will be subsumed with GST are Octroi, entry tax and luxury tax thus ...
Logo of Customs and Central Excise. In 2015–2016, the gross tax collection of the centre from excise amounted to ₹ 2.80 trillion (US$32 billion). [17] Central Excise Act, 1944, which imposes a duty of excise on goods manufactured or produced in India;
Ad valorem taxes are excise taxes based on a fixed percentage of a product’s or service’s value. For instance, the IRS imposes an excise tax of 10% on revolvers and pistols. The excise tax on ...
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments. It an indirect tax (or consumption tax) used on the supply of goods and services. It is a ...