Vivek Chaturvedi new CBIC chair; succeeds Sanjay Kumar Agarwal, Pg16

Key Highlights:

• Vivek Chaturvedi, a 1990-batch IRS officer, is the new chairman of CBIC.
• The Appointments Committee of the Cabinet approved Chaturvedi’s appointment.
• Chaturvedi succeeds Sanjay Kumar Agarwal, who retired on November 28.

Detailed Insights:

• CBIC is the apex body administering GST, customs, central excise, and other indirect taxes.
• Chaturvedi was previously serving as a member of CBIC before being appointed as chairman.
• The chairman of CBIC plays a crucial role in the formulation and implementation of indirect tax policies.

Key Concepts Involved:

• CBIC: The apex body responsible for administering indirect taxes like GST and customs duties in India.
• Goods and Services Tax (GST): A comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services.
• Indian Revenue Service (IRS): The civil service responsible for collecting direct and indirect taxes for the government of India.