CBIC invites suggestions on reviewing customs laws for ease of doing biz

Topics CBIC | Customs Act

It, however, said that duty rate changes are considered usually as part of the Budget proposals and hence this review would not cover this.
Kickstarting the process to review existing exemptions and laws of Customs, the Central Board of Indirect Taxes (CBIC) has invited suggestions from stakeholders on aligning the rules with the needs of changing times and ease of doing business.

The CBIC has invited comments on the same by August 21. A comprehensive review would be undertaken by September.

Finance Minister Nirmala Sitharaman in the Budget for 2020-21 had announced that a review of existing Customs exemption notifications would be undertaken to identify those notifications which may have outlived their utility or have become outdated.

"In this context, suggestions are invited in respect of review of existing Customs exemption notifications in prescribed format below. The suggestions may include the need for review of a particular notification, Amendment in the wording of the notification for bringing clarity, Consolidation of similar entries and Extent of use of the notification," the CBIC said.

It, however, said that duty rate changes are considered usually as part of the Budget proposals and hence this review would not cover this.

Sitharaman in her Budget had announced that suggestions would be invited for review of the Customs laws and procedures for aligning them with the needs of changing times and ease of doing business.

Sitharaman in her Budget speech said thatexemptions from customs duty have been given in public interest from time to time and the government will comprehensively review theseexemptions by Septemberfor taking a view on their relevance.


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel