Finance Minister Nirmala Sitharaman
This time many big decisions are expected in the general budget. The reason for this will be an effort to speed up the slow pace of the economy and increase jobs in the market by boosting the private sector. Let us tell you that on February 1, Finance Minister Nirmala Sitharaman will present the budget in Parliament. According to Price Waterhouse & Company LLP, as part of efforts to reduce litigation, Finance Minister Nirmala Sitharaman is likely to announce a waiver scheme for custom duty aimed at ease of doing business in the upcoming general budget. The government had earlier announced amnesty schemes for excise duty, service tax and income tax, but had not taken any such step for customs duties. It is estimated that more than 40,000 cases related to customs alone are pending in various courts and tribunals.
Need to bring one-time dispute/resolution scheme
Another consultancy firm EY India said that litigation related to custom duty is pending for a long time at various forums and both the taxpayer and the government need to spend considerable time and effort to resolve these. EY India also suggested that a one-time dispute/litigation resolution/settlement scheme should be introduced under Border Custom Duty for settlement and resolution of pending disputes. According to Mahesh Jaisingh, partner, Deloitte India, the government should end long-running litigation to resolve disputes, reduce the burden of the judicial process and amend the law to keep pace with technological advancements and international best practices. should be upgraded.
Change is necessary for ‘Make in India’
Jaisingh said that the amnesty scheme on the lines of Sabka Vishwas will be a welcome step. The industry has been waiting for such a scheme to resolve the pending litigation cases under custom duty for years. This will especially help small businesses to avoid past controversies and move forward with a clean image. Sehgal said another important desire of the industry on customs duties would be to rationalize rates to support the ‘Make in India’ initiative. He said, you have production linked incentive (PLI) schemes, phased manufacturing programs coming in many sectors. Therefore rationalizing rates will boost investment in India.” Furthermore, he said the industry is looking forward to a review of the exemption.
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