What is the Full Form of CBEC in GST?
The CBEC Full Form in GST is Central Board of Excise and Customs. The board is of much importance to the administration regarding the indirect taxes of India. Under this body, the taxes referred to are the Goods and Services Tax (GST), customs duties, central excise, and service tax. The CBEC, under the Ministry of Finance, Department of Revenue, makes policy recommendations related to the collection of these taxes. In fact, it extends its roles to combating smuggling and overseeing narcotics control, respectively, according to law.
Summary of CBEC:
Some of the functions of CBEC for the government are the administration and collection of various kinds of indirect taxes, and efforts to prevent smuggling along with other rogue customs and excise activities from taking place.
Registration and Compliance:
It came into existence in the year 1964, when the Central Board of Revenue was separated into two boards, namely, the Central Board of Direct Taxes and the Central Board of Excise and Customs. For businesses, CBEC is against the registration and compliance of GST and customs duties. For this case, the registration is simpler, and at the same time, ensures the businesses comply with the latest tax policies and regulations through guideline provisions to determine proper adherence.