The object of this Bill is to replace the Central Board of Revenue Act, 1924, by this law which provides for the constitution of two Boards named, respectively, as the Central Board of Direct Taxes and the Central Board of Excise and Customs. Owing to the very considerable expansion of the Union revenue administration since 1924, substantial strengthening of the Board of Revenue at the Centre as well as its functional bifurcation has become a matter of urgent necessity. Such separation has also been recommeded by the Direct Taxes Administration Enquiry Committee and more recently, by the Central Excise Reorganisation Committee. The Bill seeks to give effect to those recommendations which have since been accepted by Government - See Gazette of India, 1963, Pt. II, Section 2, Extra, p. 775.

[30th December, 1963]

An Act to provide for the constitution of separate Boards of Revenue for Direct Taxes and for [Indirect Taxes and Customs] [Substituted 'Excise and Customs' by Finance Act, 2018 (Act No. 13 of 2018) dated 29.3.2018.] and to amend certain enactments for the purpose of conferring powers and imposing duties on the said Boards.

BE it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:-