The National Academy of Customs, Excise & Narcotics (NACEN), Mumbai hosted a one day workshop on "Make in India –Issues related to Customs, Central Excise and Service tax" in line with Prime Minister Narendra Modi's vision of making India a global manufacturing hub.
The National Academy of Customs, Excise & Narcotics (NACEN), Mumbai hosted a one day workshop on "Make in India –Issues related to Customs, Central Excise and Service tax" in line with Prime Minister Narendra Modi's vision of making India a global manufacturing hub.
The workshop was inaugurated on Monday by Member of Parliament, Dr. Kirit Somaiya. Dr G. Sreekumar Menon, Director General, NACEN delivered the keynote address.
The workshop brainstormed into the issues in Indirect Taxes which contribute towards the improving the manufacturing climate in the country. Speakers deliberated on the broader issues of policy change requirements including deferral of the duty payment by shifting the taxable event in Customs from the point of import to the point of manufacture / consumption for manufacturers and similarly on the central excise.
It was suggested to defer the payment of duty to the point of sale to facilitate integration of India into the global value chain.
Manufacturers and traders suggested that India should be made import friendly in respect of the temporary imports, make notifications simple and concise by merging the and consolidating of multiple notifications.
The delegates agreed that GST is a path breaking reform which would take 'Make in India' initiative further ahead. Rectification of the Inverted duty structure in many industries like Metal, Pharma etc was emphasised to encourage manufacturing in India.
Specific suggestions for various changes in the Export Promotion framework like merger of schemes in the Foreign Trade Policy, changes in Notifications, introduction of All Industry Rates of drawback in export of services, mechanisms to refund accumulated Cenvat credit due to inverted duty structures etc.
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