Taking the implementation of Goods and Services Tax (GST) a step further, Finance Minister Arun Jaitley approved the reorganisation of the field formations of the Central Board of Excise & Customs (CBEC).
After getting the legislative approval, the Central Board of Excise & Customs (CBEC) is now renamed as the Central Board of Indirect Taxes & Customs (CBIC).
"The existing formations of Central Excise & Service Tax under the CBEC have been re-organised to implement and enforce the provisions of the proposed Goods & Services Tax Laws," stated the statement issued by the Finance Ministry.
The Central Government is leaving no stone unturned to ensure that GST is implemented by July 1 this year. Cabinet has already given approval to four supporting GST bills, which will be introduced in Parliament in the upcoming week.
Apart from assisting Central Government in policy making related to GST, the proposed CBIC will supervise the work of all its field formations as well as directorates. CBIC will also continuing to Central Excise levy and Customs functions.
"The CBIC will have 21 Zones, 101 GST Tax payer Services Commissionerates comprising 15 sub-Commissionerates, 768 Divisions, 3969 Ranges, 49 Audit Commissionerates and 50 Appeals Commissionerates. This will ensure rendering of taxpayer services to all the taxpayers through an indirect tax administration structure, having pan-India presence," Finance Ministry statement added.