Tax bodies must ensure fast closure under trader amnesty scheme: CBIC

The scheme was announced by the DGFT in the Foreign Trade Policy on 31 March and is set to benefit 2,500-3,000 exporters

Tax authorities will need to set up a mechanism to “closely supervise” and ensure speedy closure of old cases under the amnesty scheme for traders, where they have defaulted on export obligations, the Central Board of Indirect Taxes and Customs (CBIC) has said.

Principal commissioners and commissioners under the CBIC have been asked to ensure that the exporters approaching for paying duties are registered with the Directorate General of Foreign Trade (DGFT), according to a circular by the tax body.

“These cases under the scheme are monitored and tracked so that there is efficient handling and expeditious closure of these