CBEC – Issuing Central Excise Duties and Service Tax Drawback Rules

Author: Jayden William | Posted in: International Business

November 26,2010

The central board functioning under the Ministry of Finance, Government of India, responsible for framing laws and formulating taxes related to the import export trade is known as the Central Board of Excise and Customs. Also abbreviated asCEBC, this board is the governing body for looking after all the designing and formulation of tariff plans pertaining to the Import export trade. Indian Customs, Custom Excise and Service Tax Department are the important wings of this board, largely involved with the foreign trade. CBEC is the regulating board that governs the formulation and amendments of all the acts and legislations for import export trade. One of the most important task of this board is formulating the tariff and related updates for excise duties and customs. Issuing circulars for amendment and granting subsidies such as relaxation on the excise duties, Business schemes and duty exemption are also functions of this board.

CBEC is the governing authority for Indian Customs that has been vested with the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962), section 37 of the Central Excise Act, 1944 (1 of 1944) and section 93A read with section 94 of the Finance Act, 1994 (32 of 1994), to formulate rules and also to make amendments in policies of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995. This rule is also acknowledged as Customs, Central Excise Duties and Service Tax Drawback (Second Amendment) Rules, 2010. These rules are integral aspects of the export business. Every exporter should be aware of the latest notification, containing relevant information such as hike in duties, exemptions, and drawback rates. This information is necessary to formulate business strategies as they are directly related to the financial aspect of the trade.

The relevant information regarding the policies and amendments of the Central Board of Excise and Customscan be easily reviewed on the internet. There are several online database companies that host relevant information on the board and also post the latest updates. Besides all this information, you can also review the notifications and circulars related to other eminent boards such Director General Foreign Trade (DGFT) and Reserve Bank of India (RBI). Infodrive India is one of the major players amongst the online database companies. An interesting section of their website is the Exim Guide (Import Export Guide), which is like an entry guide into the business of Foreign Trade. It contains all the mandatory details that a new entrant in the Foreign Trade Industry needs to know.

Keywords: CBEC
Central Board of Excise and Customs

Author: Jayden William

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