Moving a step forward for the timely implementation of the Goods and Services Tax (GST), the cabinet has approved amendments in the Customs and Central Excise Act, relating to abolition of cesses and surcharges on various goods and services. The cabinet has also given green signal to amendments in the Customs Tariff Act and the Central Excise Tariff Act along with repealing of the Central Excise Tariff Act, 1985 and provisions relating to Acts under which cesses are levied.
The new amendments to the Customs Act, 1962, seeks to provide furnishing of information relating to import or export of goods by specified persons to enable analysis and detection of cases of under or over-valuation in imports and exports and it will also help to check misuse of export promotion schemes.
The cabinet noted that amendments or repeal of various provisions of other Acts which will no longer be relevant consequent upon roll out of GST will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes.