This will help avoid the ongoing disputes on account of reduced customs duty of 10%/nil.
Looking at aspecific industries, namely telecom and automobile, the expectation is to bring about clarity on classification of parts of telecommunication networking equipment. Watch Video: What is Union Budget of India? However, this has been a challenge to implement on the ground, on account of the enabling provisions under the Customs Act. Hence, an appropriate amendment or suitable instruction needs to be issued to allow such AEO status holders to avail the benefit of pasting MRP stickers in their premises. There is a substantial back-log on the application filed before the advance ruling authority.įurther, the AEO status holder-AEO-T2 and AEO-T3-from a policy standpoint, have been provided with the facility to paste MRP tickers on the importer’s premises. At present, the advance ruling is playing a dual role for matters under customs as well as those under income tax. Similar schemes should be considered in the upcoming budget to cover all pending customs disputes under the erstwhile central indirect tax laws.Īs a trade facilitation measure, and for faster disposal of pending matters, the government must constitute a separate advance ruling authority for customs related matters. This received an overwhelming response from taxpayers. The government introduced the Sabka Vishwas Scheme in the last budget to settle pending excise and service tax disputes. input tax credit on construction services needs to be amended to allow tax credits where the constructed facility is used in the course/furtherance of businesses like the real estate or hospitality industry. The credit provisions should be revised to allow seamless flow of credits, e.g.
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These include levy of GST on common functions between distinct entities, and on free services. Further, certain provisions under GST law should be reframed to avoid potential disputes. While, the GST Council will take decisions around GST, India Inc will look forward to budget announcements on measures such as electronic invoicing, and new return system, which are proposed to be implemented from April 2020. Thus, there are expectations the budget will offer a stimulus package to boost consumption and GDP growth. By end-2019, the WTO ruling has put a question mark on various export incentives (including MEIS, SEZs, EOU, and the EPCG schemes), which are inconsistent with the WTO’s global trade norms.
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