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10] This is apex institution of government of India for capacity building in the field of Customs, Indirect Taxes, and Narcotics under the administrative control of Central Board of Indirect Taxes and Customs (CBIC). The functions of NACIN is specified in CBIC office order No.06/Ad.IV/2017 on 12 June 2017 which states that NACIN will undertake ...
It was constituted as Customs, Excise and Gold (Control) Appellate Tribunal (CEGAT) under section 129 of Customs Act, 1962, [1] as amended by section 50 and the Fifth Schedule of Finance (No. 2) Act, 1980. [2] These amendments became effective from 11 October 1982 [3] and the Tribunal was also constituted on the same date. [4]
The Central Board of Indirect Taxes and Customs (CBIC), formerly the Central Board of Excise and Customs, is a statutory body under the Department of Revenue, Government of India. It oversees the administration of indirect taxes , including customs duties, excise duties, and the Goods and Services Tax (GST).
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
Rulings are written by Regulations and Rulings (R&R), a division of CBP's Office of Trade (renamed from Office of International Trade on February 24, 2016 [2]). Certain ruling subject matter is handled by the National Commodity Specialist Division (NCSD), a section of R&R which is located in New York City. CBP issues new rulings regularly.
The responsibility of collecting the tax lies with the Central Board of Excise and Customs (CBEC). From 2012, service tax is imposed on all services, except those which are specifically exempted under law(e.g. Exempt under Negative List, Exempt as exclusion from Service definition as per Service Tax, Exempt under MEN(Mega exemption notification)).
Later Customs and Central Excise added two more digits to make the codes more precise, resulting in an 8 digit classification. The purpose of HSN codes is to make GST systematic and globally accepted. The Harmonized system of Nomenclature (HSN) code is used for classifying goods under the Goods and Services Tax (GST) in India. The HSN code is a ...
An advance tax ruling binds tax authorities to comply with the tax arrangements set out in the ruling. Advance tax rulings are common in numerous countries. The Luxembourg Leaks provide insight into the practice of advance tax rulings in Luxembourg used by corporations as a tool for devising strategies that help them avoid taxes. [1] [2]