Central Board of Indirect Taxes and Customs (CBIC) Current Affairs, GK & News

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 department was established in the year 1855 by the British to administer the custom and revenue laws in India. The department was also made responsible for the ..

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Vivek Johri appointed CBIC chairman

Senior bureaucrat Vivek Johri was appointed as the chairman of Central Board of Indirect Taxes and Customs (CBIC) on November 28, 2021. Key Points Vivek Johri is a 1985-batch Indian Revenue Service (Customs and Indirect Taxes) officer. He is currently working as the member in the CBIC. His appointment was approved by the Appointments Committee ..

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Fin Min to issue appreciation certificates to GST payers

Union Finance Ministry has decided to issue certificates of appreciation to over 54,000 GST payers. Why certificates will be issued? Certification of appreciation will be issued for timely filing of returns and cash payment of tax and to mark fourth anniversary of historic tax reform Goods and Services Tax. About 66 crore GST returns have ..

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Govt reduced Tariff on Edible Oil Import

Union government has reduced tariff value for import of edible oil including palm oil by USD 112 per tonne.  This move will lead to reduction in domestic prices. Key Points Central Board of Indirect Taxes and Customs (CBIC) reduced the tariff import value of crude palm oil by USD 86 per tonne. Import price on RBD ..

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Threshold for Mandatory e-invoicing Lowered to ₹50 Crore

The Central Board of Indirect Taxes and Customs (CBIC) recently notified that the finance ministry has decreased the threshold for mandatory e-invoicing from rupees 100 crores to rupees 50 crores. This new rule will come into effect from April 1, 2021. Highlights e-invoicing involves the reporting details of the specified Goods and Services Tax documents ..

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MCA-CBIC MoU for exchange of Data

Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC) have signed a Memorandum of Understanding (MOU) on February 25, 2021. Highlights The MoU was signed and is now in the force for data exchange between both the organisations. It was signed by Joint Secretary of MCA, Shri Manoj Pandey and ..

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