With the implementation of the Finance Act, 2018 from tomorrow, i.e., 1st April 2018, the Central Board of Excise and Customs (CBEC) to be renamed as Central Board of Indirect Taxes and Customs (CBIC).
The Finance Act provided that instead of “Central Board of Excise and Customs”, the words “Central Board of Indirect Taxes and Customs” shall be substituted.
GST, the biggest ever tax reform in India was implemented from 1st July 2017. As we know, GST brought all the indirect taxes such as excise, service tax and other local levies into a single platform.
Post-GST rollout, the Union Minister for Finance and Corporate Affairs, Arun Jaitley while presenting the General Budget 2018-19 in Parliament, announced that the name of Central Board of Excise and Customs will be changed to Central Board of Indirect Taxes and Customs.
