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    Government starts process to identify customs duty exemptions that can be scrapped

    Synopsis

    “In this context, suggestions are invited in respect of review of existing Customs exemption notifications,” the Central Board of Indirect Taxes and Customs (CBIC) said in notice to stakeholders. Suggestions have been invited through the mygov.in portal.

    ANI
    FM had announced in her Budget speech, review of existing customs exemption notifications to identify those notifications which have become outdated.
    NEW DELHI: The government has begun an exercise to identify exemptions under the customs duty law that need to be weeded out.

    It has sought suggestions from industry and other stakeholders on phasing out exemptions and simplifying customs procedures.

    The crowdsourcing exercise, which is not limited to only a few notifications or sectors, will go on till August 21.

    Finance minister Nirmala Sitharaman had announced in her budget speech a review of existing customs exemption notifications to identify those which may have outlived their utility or have become outdated.

    “In this context, suggestions are invited in respect of review of existing customs exemption notifications,” the Central Board of Indirect Taxes and Customs said in a notice to stakeholders. Suggestions have been invited through the mygov.in portal.

    For removing exemptions, review of a particular notification, amendment to the notification for bringing clarity, consolidation of similar entries and extent of use of the notification will be looked into, among other issues.

    However, change in duty rates – usually part of the Budget proposals – will not be covered under this review exercise. “Merit-based change of duty rates need not be furnished,” the government has said.

    Suggestions have also been sought for review of customs laws and procedures, so as to “align them with the needs of changing times and ease of doing business”, it has said.
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    2 Comments on this Story

    Bilu 89 days ago
    Useless fm
    Shri Mahesh89 days ago
    simplify entire process and procedures. more effective
    The Economic Times