: Online module for Import of Goods at Concessional Rules to be implemented from 1st March, says CBIC head #FinanceIndia #StockMarketNEWS Online module for Import of Goods at Concessional Rules to be

@StockMarketNEWS Wed 23 Feb, 2022

Posted in: #FinanceIndia #StockMarketNEWS

Online module for Import of Goods at Concessional Rules to be implemented from 1st March, says CBIC head #FinanceIndia #StockMarketNEWS
Online module for Import of Goods at Concessional Rules to be implemented from 1st March, says CBIC head New Delhi, Feb 22 (KNN) The online module for Import of Goods at Concessional Rules (IGCR) is in advance stage and will be implemented from 1st March, 2022, informed Vivek Johri, Chairman, Central Board of Indirect Taxes & Customs (CBIC) at a pan India webinar on analysis of the Union Budget 2022-23 on exports.

He also revealed that the Government will facilitate export of jewellery through e-commerce for which a "simplified regulatory framework” is being worked out to be made operational by June 2022.

The webinar was organised by Federation of Indian Export Organisations (FIEO).

Johri said that he was happy to see exports have bounced back after the pandemic and praised the exporting community for this hard work.

“This will help the exporters in clearance of duty-free goods without any physical interference,” he added.

Speaking on the occasion Rajiv Talwar Member (Customs), CBIC said that alignment of new Harmonised Code in Customs Tariff will help us target the Drawback and Other Schemes better. The Member (Customs) emphasized that banning the publication of commercial data was the need of the hour as leakage of data was affecting exporters.

Dr A Sakthivel President FIEO said that the budget has various imprints of ease of doing business initiatives with focus on digitization, distillation and automation. As the focus moves on to self-reliant India, all four pillars of development have been touched inclusive development, productivity enhancement, energy transition and climate action; said the FIEO Chief.

He added that the list of items allowed as trimming and embellishment needs to be expanded and the new rules for ITC availability should ensure that the genuine businesses are not put to inconvenience.

Earlier Dr Ajay Sahai, Director General & CEO, FIEO said that this years Union Budget is growth-oriented with focus on investment & infra.

He said that extending the collateral-free Emergency Credit Link Guarantees Scheme for 1 more year with enhanced corpus to Rs 5 Lakh crore will give a boost to small businesses and particularly the Hospitality & Tourism Sector which has been severely affected by COVID-19.

Dr Sahai hoped that by replacing the SEZ Act of 2005 with a new Act, SEZ Scheme is expected to move away from the export centric nature of the scheme to more of an economic conclave scheme, where the distinction between the domestic market and exports is blurred without any emphasis on export obligation. (KNN Bureau)