Kickstarting the process to review existing exemptions and laws of Customs, the Central Board of Indirect Taxes (CBIC) has invited suggestions from stakeholders on aligning the rules with the needs of changing times and ease of doing business.
The CBIC has invited comments on the same by August 21. A comprehensive review would be undertaken by September.
Finance Minister Nirmala Sitharaman in the Budget for 2020-21 had announced that a review of existing Customs exemption notifications would be undertaken to identify those notifications which may have outlived their utility or have become outdated.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 in prescribed format below. The suggestions may include “the need for review of a particular notification, Amendment in wording of the notification for bringing clarity, Consolidation of similar entries and Extent of use of the notification,” the CBIC said.
It, however, said that duty rate changes are considered usually as part of the Budget proposals and hence this review would not cover this. Sitharaman in her Budget had announced that suggestions would be invited for review of the Customs laws and procedures for aligning them with the needs of changing times and ease of doing business.
Sitharaman in her Budget speech said that exemptions from customs duty have been given in public interest from time to time and the government will comprehensively review these exemptions by September for taking a view on their relevance.
Source : PTI