CBEC renamed as CBIC w.e.f. 29 March 2018

CBEC renamed as CBIC w.e.f. 29 March 2018

As per Section 160 of the Finance Act, 2018, the “Central Board of Excise and Customs (CBEC)” has been renamed as “Central Board of Indirect Taxes and Customs (CBIC)“, w.e.f. 29 March 2018 (i.e. from the date when assent from President is received).

The change of name from CBEC to CBIC was necessitated due to new indirect tax regime from 1 July 2017, i.e. enactment of Goods and Services Tax (GST), which has consolidated multiple indirect taxes into one tax including Excise Duty, VAT, etc. The letter ‘E’ from CBEC has lost relevance due to Excise Duty subsuming into GST, therefore now the new name is CBIC.

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Finance Act, 2018 (Applicable for FY 2018-19/ AY 2019-20) notified by Govt.

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