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    IndiaTax bodies must ensure fast closure under trader amnesty scheme: CBIC

    Tax bodies must ensure fast closure under trader amnesty scheme: CBIC

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    Agencies

    Tax authorities will need to set up a mechanism to ‘closely supervise' and ensure speedy closure of old cases under the amnesty scheme for traders, where they have defaulted on export obligations, the Central Board of Indirect Taxes and Customs (CBIC) has said.
    Principal commissioners and commissioners under the CBIC have been asked to ensure that the exporters approaching for paying duties are registered with the Directorate General of Foreign Trade (DGFT), according to a circular by the tax body.
    ‘These cases under the scheme are monitored and tracked so that there is efficient handling and expeditious closure of these old cases of bona fide default in a seamless manner,” according to the circular.
    The development comes in the backdrop of the rollout of the special one-time amnesty scheme for default in export obligations under Advance Authorisation and Export Promotion Capital Goods (EPCG). All cases where traders have failed to meet the export obligations under the two schemes can be regularised by paying customs duties and interest, subject to a ceiling of 100 per cent.
    However, cases under any investigation or adjudication for involving fraud, misdeclaration or unauthorised diversion of capital goods will not be covered in the scheme. Apart from that, CENVAT credit or refund cannot be claimed either. In case of calculation mistakes, they will be dealt on the basis of merits.
    The scheme was announced by the DGFT in the Foreign Trade Policy on March 31 and is set to benefit 2,500-3,000 exporters. The scheme will be available till September.“The government had issued a one-time amnesty scheme for EPCG and AA export obligation defaults for specified licences. The circular further emphasises the government's intention to settle old disputes with ground officers and also reiterated a similar message with specific focus on expedited closure of disputes,' Abhishek Jain, head, indirect taxes, KPMG, said.

    Northlines
    Northlines
    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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