Consider the following statements with reference to the Central Board of Indirect Taxes and Customs (CBIC:1. It is a part of the Department of Revenue under the Ministry of Finance and administers all the indirect tax-related matters in India.2. It also ensures that taxes on foreign and inland travel are administered as per the law.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 'C'. Can you explain this answer?

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Consider the following statements with reference to the Central Board of Indirect Taxes and Customs (CBIC:

1. It is a part of the Department of Revenue under the Ministry of Finance and administers all the indirect tax-related matters in India.

2. It also ensures that taxes on foreign and inland travel are administered as per the law.

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 'C'. Can you explain this answer?

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Daily Current Affairs MCQ- June 7, 2024

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Consider the following statements with reference to the Central Board ...

The Central Board of Indirect Taxes and Customs (CBIC) has invited suggestions on the draft ‘Central Excise Bill, 2024’ from stakeholders.

About Central Board of Indirect Taxes and Customs (CBIC):

CBIC (erstwhile Central Board of Excise and Customs) is a part of the Department of Revenue under the Ministry of Finance, Government of India.
CBIC administers all the indirect tax-related matters in 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, 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.
The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central GST Commissionerates, and the Central Revenues Control Laboratory.
It also ensures that taxes on foreign and inland travel are administered as per the law, and the collection agencies deposit the taxes collected to the public exchequer promptly.
Under customs, matters relating to the collection of customs duty at:
International Airports
Seaports
Custom Houses
International Air Cargo Stations
International Inland Container Depots (ICDs)
Land Customs Station
Special Economic Zones (SEZs)
Container Freight Stations (CFSs) are administered by the CBIC.
Organisation:
The CBIC is headed by a Chairman, who is appointed by the Indian Government.
The organization is divided into various divisions and zones, each headed by a Chief Commissioner or Director General.
The CBIC also has a GST intelligence wing, which is responsible for detecting and preventing tax evasion.

Hence both statements are correct.

Answered by Notes Wala · View profile

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Consider the following statements with reference to the Central Board of Indirect Taxes and Customs (CBIC:1. It is a part of the Department of Revenue under the Ministry of Finance and administers all the indirect tax-related matters in India.2. It also ensures that taxes on foreign and inland travel are administered as per the law.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 'C'. Can you explain this answer?

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