Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following proposals:
v.Amendment or repeal of the provisions relating to Acts under which cesses are levied.
The above proposals will result in the following benefits:
i.
Insertion of Sections 108A and 108B in the
Customs Act, 1962 seeks to provide for furnishing of information relating to import/export of goods by specified persons to enable analysis and detection of cases of unter/over-valuation in imports and exports, misuse of export promotion schemes including the Drawback Scheme and violations of the provisions of the Customs Act and various other laws under which Customs officials have been authorized to effectively implement these laws; and
ii.Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent upon roll out of GST will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes.
Import-export information disclosure enables detection of valuation anomalies and export scheme misuse under amended customs law. The Cabinet-approved amendments insert Sections 108A and 108B in the Customs Act to mandate furnishing of import/export information by specified persons for analysis to detect undervaluation, overvaluation, and misuse of export promotion schemes, and propose amendments or repeals to customs, tariff and excise statutes to abolish cesses and surcharges and remove provisions rendered irrelevant by GST.
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