CBIC constitutes 3 Working Groups to recommend measures to facilitate trade and improve compliance

Groups will submit their report within a period of two months

The Central Board of Indirect Taxes and Customs (CBIC) has constituted three Working Groups to study and recommend measures to facilitate trade, promote exports and improve compliance. The Working Groups will focus on

* improving the legislative structure of customs tariff and update it to suit the emerging and future needs of the economy and industry. Special focus would be given to create a comprehensive export tariff structure to enhance India's export competitiveness

* export promotion and facilitation with emphasis on boosting exports through e-commerce, addressing the trade facilitation barriers faced in India's export markets and improving the quality of logistics services for exporters

* enhancing compliance, plugging loopholes to improve revenue collection on customs and curb IGST refund frauds

The groups will consult the stakeholders extensively, including the Export Promotion Councils and relevant wings of the Ministry of Commerce and industry.

The Groups will submit their report within a period of two months.

The recommendations of the Groups, which will be taken-up for the implementation on priority, would further enhance the ease of doing business and export competitiveness. CBIC will be using advanced data analytics tools for augmenting revenue and curbing frauds, said Pranab Kumar Das, Chairman, Central Board of Indirect Taxes and Customs.

Powered by Capital Market - Live News