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CBEC- What Does CBEC Stands for?

 


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CBEC deals with the assortment of customs and central excise duties and formulation of policy concerning levy. It also has roles in deterrence of smuggling and administration of matters which are custom related. CBEC stands for Central Board of Excise and Customs, which falls under the control of government of India. Central Board of Excise and Customs was composed under the Central Boards of Revenue Act, 1963. This board falls under the subdivision of Ministry of Finance, and subclass of Department of Revenue.

This board has tasks from managing “records” to “fine” people or organisations failing to pay taxes or excise duties. This Board through EASIEST (Electronic Accounting System in Excise and Service Tax) collects information and sustain records of tax paid through banks from online upload of challan particulars. This is of concern for banks and departments related to taxation and duty collection.

This board has a role play in designing tariff structure for import and excise duties which can be amended from time to time as per the requirements. It is this board that can decide even to waive-off the duties, cases like free trade, in trade from certain countries. This organisation is a main stand for revenue generation for the Government of India and provides a backbone to its financial structure.

CBEC also finds its place in matters of bilateral trade and is in news for the recent past like “exporters breathe easy as CBEC eases shipping billing norms”, “India implements FTA on goods with Indonesia”, “DoT permit for import of satellite phones in India” and of “ Film industry seeks service tax leeway from Finmin” . Drawing its basic powers from Finance ministry, the board has legal as well as social responsibilities and a broad range of subsidiaries to govern with its major role being in strengthening the Economy.

New businesses always need help and guidance that is readily provided by sites online which are professionals in the field. Companies may end up losing capital paying unnecessary taxes or levies that they could have saved if they do not consult a professional. Many sites and organisation are present over the internet that helps businesses understand and learn what excise or duty they should pay and where they can save through some opportunities.

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