CBIC sets up Working Groups to Facilitate Exports, Curb Tax Evasion
The Central Board of Indirect Taxes and Customs (CBIC) has constituted three working groups to suggest ways to facilitate exports, especially through e-commerce, and improve compliance by way of curbing tax evasion. The Working Groups would study and recommend measures to facilitate trade, promote exports and improve compliance.
Mandate of Working Groups
- Export promotion and facilitation with emphasis on boosting exports through e-commerce by addressing the trade facilitation barriers faced in India’s export market.
- Recommend the ways for improving the quality of logistics services for exporters.
- Enhancing compliance, plugging loopholes to improve customs revenue collections and curb Integrated GST (IGST) refund frauds.
- Improving the legislative structure of customs tariff and update it to suit the emerging and future needs of the economy and industry.
- Creation of a comprehensive export tariff structure to enhance India’s export competitiveness.
The working groups will consult stakeholders, including export promotion councils, and submit the report within two months.
Central Board of Indirect taxes
Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) works under the Department of Revenue under the Ministry of Finance, Government of India.
The board is vested with the responsibility of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST and Narcotics to the extent under CBIC’s purview.
The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central GST Commissionerates and the Central Revenues Control Laboratory.
Month: Current Affairs - February, 2019