Continuing its exercise to renaming official organizations for good or bad or practical reasons, the government has given the Central Board of Excise and Customs (CBEC) a new Avtar as Central Board of Indirect Taxes and Customs (CBIC).
Accordingly, the central indirect tax authority has updated its Twitter handle to 'cbic_india' from the earlier 'cbec_india'.
"With the enactment of Finance Act, 2018, CBEC is renamed as Central Board of Indirect Taxes and Customs (CBIC). This change was necessitated due to the enactment of Goods and Services Tax (GST) which has consolidated multiple indirect taxes into one tax," CBIC said in a tweet.
Through Finance Bill, 2018, the government amended the Central Boards of Revenue (CBR) Act, 1963, as well as the Central Goods and Services Tax Act, 2017, replacing CBEC with CBIC.
The re-organization of field formations of the CBEC for implementation of GST and its renaming to CBIC was approved by Finance Minister Arun Jaitley in March last year. GST was introduced on July 1, 2017. With legislative approval not in place for the change of name, CBEC has been notifying all rules and provisions of the new indirect tax regime.