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Central Excise Cenvat Credit Rules – Traders Must Know Central Board of Excise and Customs or CBEC is the governing authority of India that exercises the right to formulate and implement policies related to the Import export trade. CBEC is also responsible for promoting foreign trade in the country and take measures to cease the unacceptable practices prevalent in the industry.Even the most influential countries need resources from other nations to support all the demands of the citizens. This is why, Nations promote import-export business and facilitate cross border trading by formulating policies and guidelines to favour the trade. In India the guidelines and policies of the international business are formulated by major government agencies that are largely involved in the trade. The government boards involved in the import-export trade include Central Board of Excise and Customs, Director General Foreign Trade (DGFT), RBI and other major financial boards. All these organizations work in co-ordination to encourage the functionality of foreign trade in the country.Besides all the governing authorities, CBEC is the sole authority concerning the regulation of important...more
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