With reference to the Central Board of Indirect Taxes and Customs (CBIC), consider the following statements:1. Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise andamp; Customs) is a part of the Department of Revenue under the Ministry of Finance.2. It was formed in 2001.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?

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With reference to the Central Board of Indirect Taxes and Customs (CBIC), consider the following statements:

1. 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.

2. It was formed in 2001.

Which of the statements given above is/are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'A'. Can you explain this answer?

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With reference to the Central Board of Indirect Taxes and Customs (CBI...

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.
CBIC is a statutory body established under the Central Boards of Revenue Act, 1963.
CBIC was formed in 1964 when the Central Board of Revenue was split into the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs, which was renamed the Central Board of Indirect Taxes and Customs in 2018.
The Chairman of Central Board of Indirect Taxes and Customs is appointed by Appointments Committee of the Cabinet (ACC) which is headed by the Prime Minister.
The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central GST Commissionerate’s and the Central Revenues Control Laboratory.

Hence only statement 1 is correct.

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With reference to the Central Board of Indirect Taxes and Customs (CBIC), consider the following statements:1. 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.2. It was formed in 2001.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?

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