CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Sanjay Kumar Agarwal, a former IRS officer, has been appointed Chairman of the Central Board of Indirect Taxes and Customs (CBIC). Agarwal takes over for Vivek Johri, who retired as CBIC chairman on May 31. The finance ministry, in an order issued on August 5, appointed Agarwal, who was holding charge of CBIC member compliance management, and looking into investigations.
The CBIC, which handles with indirect tax policy (GST, customs, and excise), is led by a chairman and has six members on its board. Principal chief commissioners/chief commissioners and principal director generals/ director generals assist the board.
About CBIC
The Central Board of Indirect Taxes and Customs (CBIC) is a statutory body of the Government of India's Ministry of Finance. It is in charge of administering indirect taxes in India, such as customs, central excise, service tax, and goods and services tax (GST). The CBIC is also in charge of combatting tax evasion and smuggling.
Following India's independence in 1947, the CBIC was founded. The Central Board of Revenue (CBR) was its initial name. The CBR was in charge of all tax administration in India, including direct and indirect taxes. The CBR was divided into two boards in the year 2000: the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes (CBIC). The CBIC assumed responsibility for the administration of indirect taxes.
The CBIC is led by a Chairman who has the rank of Additional Secretary to the Government of India in the Indian Revenue Service (IRS). A number of members who are also IRS officers assist the Chairman. The members are in charge of several aspects of the CBIC, including as customs, excise, service tax, and GST.
The CBIC maintains a number of offices around India. The CBIC has its headquarters in New Delhi. The CBIC also has regional offices, zonal offices, and field formations.
The CBIC is a vital organization within the Indian government. It is in charge of generating major money for the government.
Some Of The Key Functions Of CBIC
Administering indirect taxes in India
Preventing tax evasion and smuggling
Formulating policy recommendations for indirect taxes
Implementing laws and regulations related to indirect taxes
Providing training to officers and staff of the CBIC
Conducting research on indirect taxes
The CBIC is a dynamic organization that is always evolving. It is committed to provide efficient and effective indirect tax administration in India. In addition, the CBIC is dedicated to combatting tax evasion and smuggling. The CBIC is critical to India's economic development.
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