The Central Board of Excise and Customs will be renamed as Central Board of Indirect Taxes and Customs as the roll out of GST has subsumed indirect taxes, Finance Minister Arun Jaitley said today.
“With the roll out of GST, I propose to change the name of Central Board of Excise and Customs [CBEC] to Central Board of Indirect Taxes and Customs [CBIC],” the minister said while reading out the budget speech in Parliament.
He said necessary changes in the law for effecting the name change are proposed in the Finance Bill.
This is the government’s first budget after the roll out of the Goods and Service Tax in July 2017.
Excise duties to a large extent and service tax have been subsumed in GST, along with corresponding duties on imports.