The Central Board of Excise and Customs (CBEC) will be reorganized for the implementation of the Goods and Services Tax (GST) regime and will be renamed as the Central Board of Indirect Taxes and Customs (CBIC) following Parliamentary approval.
Finance Minister Arun Jaitley has approved the reorganization of the field formations of the CBEC for the implementation of GST.
Takeaways from above News-
- CBEC has been renamed as Central Board of Indirect Taxes and Customs (CBIC)
- GST Council is headed by Finance Minister Arun Jaitley
If you have any other takeaways, do share with us in the comment section
Source- The Indian Express