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Review factors behind high costs of Project Import Scheme: CAG

Press Trust of India  |  New Delhi 

The Ministry should review the factors contributing to high costs associated with the Project Import Scheme and also compare the benefit of the programme vis-a-vis other schemes, apex auditor CAG said today.

The Comptroller and Auditor General (CAG) also recommended that the Ministry may consider reviewing the volume of documents required under the 'Project Scheme' with a view to simplify the requirement.

It also pointed out that the (CBEC) may consider having a centralised for project import cases so that inconsistency of data among different entities could be avoided.

This is a scheme of of to facilitate setting up of or substantial expansion of industrial plant by facilitating of capital goods and related items required for these industrial projects.

The scheme seeks to achieve the objectives of smooth and quick assessment of by providing for a simplified process of classification and valuation.

Under the scheme, all goods imported for a project are classified under one chapter heading 9801 of the Customs Tariff Act, 1975.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 14 2017. 18:43 IST