Economy

Finance Minister Nirmala Sitharaman on Monday came down heavily on the tax boards for allegedly not responding to grievances of tax assessees, and directed officials to reserve Saturdays to hold meetings with them.

CBIC & CBDT Mandate:

·        CBDT and CBIC have been created under the Central Boards of Revenue Act, in 1963.

·        Both Boards are a part of the Department of Revenue under the Ministry of Finance.

·        Central Board of Direct Taxes (CBDT): The Central Board of Direct Taxes (CBDT) is the authority vested with the responsibility of the administration of laws related to direct taxes through the Department of Income Tax.

·        It’s provides inputs for policy and planning of direct taxes in India.

·        Direct Taxes include taxation, corporation tax etc.

·        Central Board of Indirect Taxes and Customs (CBIC): The Central Board of Indirect taxes and Customs (CBIC) is the national nodal agency which is responsible for the administration of Customs, GST & Narcotics in India.

·        The Central Board of Excise and Customs (CBEC) was renamed as the Central Board of Indirect Taxes and Customs (CBIC) in 2018 after the roll out of Goods and Services Tax (GST).

·        It deals with the tasks of formulation of policy concerning levy and collection of customs, central excise duties, Central Goods & Services Tax (CGST) and Integrated GST (IGST).

·        Functions and structure of the Department of Revenue: The Department of Revenue is mainly responsible for the following functions: – All matters relating to levy and collection of Direct Taxes.

·        All matters relating to levy and collection of Indirect Taxes.

·        Investigation into economic offences and enforcement of economic laws.

·        Framing of policy for cultivation, export and fixation of price of opium etc.

·         Prevention and combating abuse of Narcotic drugs and psychotropic substances and illicit traffic therein.

·        Enforcement of Federal Emergency Management Agency and recommendation of detention under COFEPOSA.

·        Work relating to forfeiture of property under Smugglers and foreign exchange Manipulators (Forfeiture of Property) Act, 1976 and Narcotics drugs and psychotropic Substances Act, 1985.

·        Levy of taxes on sales in the course of inter-state trade or commerce. Matters relating to consolidation/reduction/exemption from payment of Stamp duty under Indian Stamp Act, 1899.

·        Residual work of Gold Control Matters relating to CESTAT.

 Cadre control of IRS (Group-A) and IRS (C&CE) (Group-A).