CBIC starts capturing district-wise data on origin of export goods

    The additional information from the export declarations will provide a key statistical input to policy makers on the importance of each district for exports and will help in aligning the policies to enhance local capacity, the board said in a statement Monday.

    Central Board of Indirect Taxes and Customs (CBIC) has started capturing district-wise data on origin of export goods that will feed into national level trade policy making. The move is aimed at turning districts into export hubs.

    The additional information from the export declarations will provide a key statistical input to policy makers on the importance of each district for exports and will help in aligning the policies to enhance local capacity, the board said in a statement Monday.

    Additionally, the export declarations would also capture declarations by exporters intending to avail free trade agreements or preferential trade agreements for exports to partner countries. “This would provide critical data on the gains being made by Indian exporters under FTAs/PTAs and help the government align India’s foreign trade policy in nation’s best interests,” the board said.

    Further, CBIC has now made it mandatory that every goods and services tax (GST) registered importer and exporter must declare their GSTIN on the import and export declarations. Not only will this help the taxpayers to claim the input tax credit and integrated GST refunds, it would also help in combating frauds.

    The initiative, which will help policy makers take data-driven decisions, follows directives set by the Prime Minister, which was reiterated by the finance minister in her Budget speech earlier this month.

    Source- Economic Times.

The post CBIC starts capturing district-wise data on origin of export goods appeared first on GST Station.



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