Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise and Customs)

It was founded in 1944 and comes under the administrative control of Department of Revenue, Ministry of Finance.

• Central Board of Indirect Taxes and Customs deals with the tasks of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST and Narcotics to the extent under CBIC’s purview.

Conclusion

To reap in the benefits of globalization, India must improve its tax system. Proceeding further with reforms like Direct Tax Code, improving administrative efficiency, overcoming teething troubles in GST, easing tax filing, improving financial literacy etc. would help in making out tax system robust and enhancing state’s finance which could be used for developmental purposes.