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Tags: Economy/Finance State News
The Union Finance Minister Smt. Nirmala Sitharaman inaugurated the national museum of Customs and GST (Goods and Service Tax) at Panaji, Goa on 11 June 2022.
Custom Duty
It is levied on the export and import of goods and services
Goods and Service Tax (GST)
The 101st constitutional amendment Act of 2016 led to the introduction of Goods and Service tax in India.
GST is a single Indirect tax which replaced multiple indirect taxes levied by the Central and State governments.
It was implemented on 1 July 2017 in India.
Central Board of Indirect Taxes and Customs (CBIC)
Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) is a part of the Department of Revenue under the Ministry of Finance, Government of India.
It deals with the tasks of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST,
It also deals in 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.
Chairperson: Vivek Johri
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