Central Board of Indirect Taxes and Customs Current Affairs - 2020
The central and state authorities organised GST (Goods and Services Tax) Stakeholder Feedback Diwas on 7 December 2019. The aim of organizing this event was to get an on-the-spot response and suggestion to the new system for filing GST Returns to be introduced from next fiscal year. The new return form will be made mandatory from 1 April 2020. The programme was organised on the new system for filing returns across 125 cities to get on-the-spot response and suggestion.
About GST Stakeholder Feedback Diwas
As per Central Board of Indirect Taxes and Customs (CBIC) about 7,500 trade associations/stakeholders participated in the programme. Besides them a large number of taxpayers, all prominent chambers of commerce and industry, compliance managers and tax practitioners also participated.
The participants were encouraged to upload GST returns (ANX-1 and 2) and give feedback in regard to ease of compliance, deficiencies, improvements and uploading. There was overwhelming response from GST stakeholders and several useful suggestions were received.
The focus was on assessing ease of compliance and uploading of these new returns so that taxpayers as well as traders do not face any difficulty when returns are made legally mandatory.
On November 2019 Union Finance Minister Nirmala Sitharaman directed CGST (Centre Goods and Services Tax) and SGST (State Goods and Services Tax) authorities to organise a nationwide interaction with stakeholders in order to get a first-hand feedback on new GST returns that are proposed to be rolled out from next fiscal year (April 2020). The finance minister then on November 16, held a meet with select taxpayers, Chartered Accountants and tax practitioners on the same subject. Later, during first National Conference on GST (held on 25 November), Revenue Secretary had also urged states GST authorities to hold similar stakeholder consultations in their jurisdictions as well as to all GST stakeholders to actively participated in these feedback sessions in their nearest CGST or SGST Office cross the country.
Tags: CBIC • Central Board of Indirect Taxes and Customs • CGST • GST • GST Stakeholder Feedback Diwas
Central Board of Indirect Taxes and Customs (CBIC), India’s nodal national agency responsible for administering Central Excise, Service Tax, Customs, GST, & Narcotics has launched a revamped and streamlined programme to attract investments into India and strengthen Make in India through manufacture and other operations. The programme is launched under bond scheme of Customs Act, 1962 as this section enables conduct of manufacture and other operations in a customs bonded warehouse.
Moreover, CBIC in collaboration with Invest India has launched a dedicated microsite [https://www.investindia.gov.in/bonded-manufacturing>] for providing information as well as promoting scheme and for facilitation of investors.
Key Highlights of Scheme
It prescribes a single application cum approval form for uniformity of practice.
Jurisdictional Commissioner of Customs will function as a single point of approval to set up and oversee operations of such units. Moreover, there is no geographical limitation on where such units can be set up.
The unit can import goods (both inputs as well as capital goods) under a customs duty deferment program and the duties are fully remitted if processed goods are exported.
The units will benefit through improved liquidity as there will be no interest liability.
GST compliant goods can be procured from domestic market for use in manufacture and other operations in a section 65 unit.
A single digital account has been prescribed for ease of doing business and easy compliance.
The Scheme has been modernized with simplified compliance requirements Information and Communication Technology (ICT)-based documentation, clear and transparent procedures and account keeping, by issue of Manufacture and Other Operations in Warehouse Regulations 2019.
Significance: Scheme will also enable efficient capacity utilization, as there is no limit on quantum of clearances that can be exported or cleared to the domestic market. It is expected to play a critical role in promoting investments in India and in enhancing ease of doing business (EDB). It can provide impetus to Make in India programme by encouraging exports, creating hubs for electronics assembly, repairing/refurbishing operations, inward/outward processing, facilitating global e-commerce hubs among others.