Central Board of Excise and Customs (CBEC) is a part of the Department of Revenue under the Ministry of Finance, Government of India. It deals with the tasks policy formulation concerning levy and collection of Customs and Central Excise duties, prevention of smuggling and administration of matters relating to Customs, Central Excise and Narcotics to the extent under CBEC's purview. The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise Commission rates and the Central Revenues Control Laboratory.
Want to know more on tax planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
The important Customs related functions include the following:
SEE ALSO: Aadhaar Card Loan
Central Excise duty is an indirect tax levied on goods manufactured in India. Excisable goods have been defined as those which have been specified in the Central Excise Tariff Act as being subjected to the duty of excise. The word "Goods" has not been defined in the Act. Therefore, its meaning is borrowed from the constitution and from the sale of goods Act and understood as per the decisions of the apex court. Under excise, it is understood to be items that are movable, i.e. capable of being moved and marketable, i.e. capable of being sold.
Central Excise Act defines 'Manufacture' by an inclusive definition as any process incidental or ancillary to the completion of a manufactured product. Manufacture under Central Excise can be understood as a process wherein the name, characteristic and use of the input are changed or become distinct and different after the process. Thus a process which simply changes the form or size of the same article or enhances the value of the article would not constitute manufacture. Repairing or reconditioning does not constitute manufacture. Assembling would constitute manufacture.
Customs duties are a kind of tax that has to be paid before importing goods from a nation. The import duties are levied on all goods that are imported into a nation, while the export duties are levied on specific goods. Listed below are the different types of customs duties:
Central excise duty is an indirect tax levied on goods that are manufactured in India and are meant for home consumption. Electronic Accounting System in Excise and Service Tax (EASIEST) is a web based payment gateway launched by CBEC in 2007 enabling assesses to pay Central Excise duties and Service Tax online. It interfaces with the e-payment portals of the banks involved in tax collections and makes available accurate tax payment data from banks for revenue and tax payer accounting purposes.
The central excise rates are the rates determined by the Central Board of Indirect Taxes and customs, where the rate of exchange of conversion of each of the foreign currencies are specified in schedule 1 and schedule 2 of the exchange rate notification no. 93/2018. The notification came into effect from 16th November. The rates mentioned are the rates of exchange per 100 units of foreign currency equivalent to Indian rupees.
The CBEC performs function with the aim to:
You May Also Watch:
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.