CBEC to be renamed under GST

The apex policy making body for indirect taxes, the Central Board of Excise & Customs (CBEC), is being rechristened as the Central Board of Indirect Taxes & Customs (CBIC) in the run up to the goods and services tax (GST) regime to be rolled out from July 1.

The CBIC would supervise the work of all its field formations and directorates and assist the government in policy making in relation to GST, continuing central excise levy and customs functions, it said.

“Finance Minister Arun Jaitley has approved the reorganisation of the field formations of the CBEC for the implementation of GST,” the finance ministry statement added.