• UGI USER
  • Jun 06, 2024
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“CBIC IMPLEMENTS ELECTRONIC DISBURSAL FOR DUTY DRAWBACK FUNDS”

Why in the news?

  • CBIC initiates electronic disbursal of duty drawback funds.
  • Duty drawback amounts are now directly credited to exporters’ bank accounts via the PFMS platform, as announced by the Central Board of Indirect Taxes and Customs.

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

  • Previously known as the Central Board of Excise and Customs (CBEC).
  • Under the Department of Revenue, Finance Ministry, Government of India.
  • Established as a statutory body under the Central Boards of Revenue Act, 1963.
  • Formed in 1964 through the split of the Central Board of Revenue into CBEC and the Central Board of Direct Taxes (CBDT).
  • Functions include administering indirect taxes like GST and customs, collecting taxes at various stations and ports, and preventing smuggling across borders.
source:nic
About Public Financial Management System (PFMS):

  • It is a web-based online software application developed
  • Previously known as the Central Plan Schemes Monitoring System (CPSMS).
  • Implemented by the Office of Controller General of Accounts (CGA), Ministry of Finance.
  • PFMS aims to establish an efficient fund flow system and payment cum accounting network for the Government of India.
  • It facilitates real-time reporting of expenditure and tracking of funds for various schemes and grants.

Associated Article:

https://universalinstitutions.com/indian-taxation-system/