Central Board of Indirect Taxes and Customs (CBIC)

  • Recently, the CBIC imposed a 40% customs duty on onions exported out of India as part of efforts to tame the local price of the commodity.
  • CBIC, formerly known as the Central Board of Excise and Customs (CBEC), is a one of the Boards constituted under the statute the Central Boards of Revenue Act, 1963 (54 of 1963) and is subordinate to the Department of Revenue under the Ministry of Finance.
  • It deals mainly with the tasks of formulation and implementation of policy concerning to the levy and collection of Customs duties, Central Excise duties and Goods & Services tax, ....
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