New Delhi: from the Atlantic salmon and hazelnut to certain sweet durian and biscuits, the government has proposed to attract customs assistance and exceptions to 97 products imported into the country.
While this step is expected to encourage costs, it can also encourage making several domestic items.
Steps to follow the announcement in the budget with Minister of Finance Nirmala Sitharaman articulates that the exception of customs that has been outdated in certain times is proposed to be done as part of the exercise to streamline the structure.
Now, the CBIC Center and Indirect Customs (CBIC) have released a list for public consultations with feedback that will be given for the next one month.
“…
Last year, we began to overhaul the customs structure, eliminating 80 obsolete exceptions …
I now propose to review more than 400 old exceptions of this year.
We will do this through extensive consultation, and start October 1, 2021, we Will put the revised customs structure, free of distortion.
I also propose that every new exception of customs is expected to have validity until March 31, after two years from the date of issuance, “the Minister of Finance said in his budget speech.
This list has a wide range of products, including several basic drugs and drugs, contraception, oil grains, and flower seeds and vegetables and coating fabrics of certain types.
Some types of machines and components used by sectors such as textiles, power, oil & gas and electronic and telecommunications are also expected to see the impact because the help of these products is proposed to be removed.
The government has faced criticism to increase tariffs over the past few years but in some cases, officials argue that there is little justification for assistance.