“Suggestions are invited regarding their consideration, which may include the need for a review of the notification, a change in the wording of the notification to provide clarity, consolidation, other relevant factors such as the scope of use, ”he added.
Last year, the Central Council for Indirect Taxes and Customs (CBIC) conducted this crowdsourcing exercise to identify exceptions to tariffs that need to be revised. Following this, the government has now established a list of notifications and invited stakeholder views for full consideration.
Duty exemptions have been granted in the public interest from time to time and a review of customs laws and procedures would help align them with the needs of changing times and the ease of doing business.
Abhishek Jain, Tax Partner, EY, said the government appears to be reviewing prevailing exemptions for divergent sectors, as evidenced by the list of targeted customs exemption entries released by the government.
“As such, the different industries should see if their goods are covered by the said exemption entries and provide their recommendation to the government in a timely manner, in order to ensure some possibility of further liaison in case the government has other Questions. .
“The suggestions are very likely to vary from sector to sector taking into account parameters such as how much of this sector is ready to manufacture the product currently being imported into India, the possible threat to domestic players in the event of new tariff reduction, ”Jain added. .