CBIC sets up 3 Working Groups to recommend ways to facilitate trade, promote exports

Speed Post News Network

New Delhi : 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. It will also focus on 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 besides 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 three groups will submit their report within 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, according to a PIB release.