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The Central Board of Indirect Taxes and Customs sits alongside the CBDT under the Department of Revenue. Which of the following is within the CBIC's administrative scope as stated in the lesson?
Answer & Solution
Correct answer: D.
1. The CBIC is part of the Department of Revenue under the Ministry of Finance.
2. Its remit covers policy on levy and collection of Customs and GST.
3. It also handles prevention of smuggling and administration of Customs, GST and Narcotics matters.
4. Income tax administration lies with the CBDT; SCRA recognition with SEBI/CG; cooperatives with their own regulator.
_Source: ICSI CS Executive Paper 4 (Tax Laws) — Lesson 1: Direct Taxes — At a Glance, pp. 10-22._
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