In News: The Central Board of Indirect Taxes and Customs (CBIC) and all its field formations observed the International Customs Day, 2023 on 27th January.
Theme: “Nurturing the Next Generation: Promoting a Culture of Knowledge-sharing and Professional Pride in Customs”
Theme is given by: World Customs Organisation (WCO)
- The World Customs Organization (WCO) is an intergovernmental organization headquartered in Brussels, Belgium.
- The WCO is noted for its work in areas covering the development of international conventions, instruments, and tools on topics such as commodity classification, valuation, rules of origin, collection of customs revenue, supply chain security, international trade facilitation, customs enforcement activities, combating counterfeiting in support of Intellectual Property Rights (IPR), drugs enforcement, illegal weapons trading, integrity promotion, and delivering sustainable capacity building to assist with customs reforms and modernization.
- The WCO maintains the international Harmonized System (HS) goods nomenclature, and administers the technical aspects of the World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin.
- The Harmonized System Committee of the WCO undertakes a periodic review of the HS to take account of changes in technology and patterns in international trade, and recommends amendments to the HS.
Central Board of Indirect Taxes and Customs (CBIC)
- A part of the Department of Revenue under the Ministry of Finance.
- 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).
- GST Law comprising
- Central Goods and Services Tax Act, 2017
- State Goods and Services Tax Act, 2017
- Union Territory Goods and Services Tax Act, 2017,
- Integrated Goods and Services Tax Act, 2017
- Goods and Services Tax (Compensation to States) Act, 2017.
- GST Law comprising
News Source: PIB
For a dedicated peer group, Motivation & Quick updates, Join our official telegram channel – https://t.me/IASbabaOfficialAccount
Subscribe to our YouTube Channel HERE to watch Explainer Videos, Strategy Sessions, Toppers Talks & many more…