CBEC to be renamed CBIT under new tax

Apex indirect tax body Central Board of Excise and Customs will be renamed as the Central Board of Indirect Tax once the new national tax framework kicks in from April 1 next year, as per the draft dealing in GST organisational structure prepared by the Centre.
Headed by a secretary-level officer, CBIT will implement the rules, including exemptions and threshold, to be set by the GST Council, which is chaired by Union finance minister and has state finance ministers as its members. The government plans to implement the new indirect tax regime GST from April 1, 2017. GST will subsume central excise, service tax and other local levies, including VAT and octroi

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