CBEC to be renamed due to phenomenal service tax rise
The ministry of finance is contemplating changing the name of the Central Board of Excise and Customs (CBEC) to Central Board of Excise, Customs and Service Tax (CBECST), announced PC Jha, chairman CBEC. This is because service tax, the latest entrant to the family of indirect taxes, has shown a phenomenal growth ever since it was introduced in 1994.
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