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The Finance Ministry should review the factors contributing to high transaction 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 Imports Scheme' with a view to simplify the requirement.
It also pointed out that the Central Board of Excise and Customs (CBEC) may consider having a centralised database for project import cases so that inconsistency of data among different entities could be avoided.
This is a scheme of government of India to facilitate setting up of or substantial expansion of industrial plant by facilitating imports of capital goods and related items required for these industrial projects.
The scheme seeks to achieve the objectives of smooth and quick assessment of imports 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.