Business Daily from THE HINDU group of publications
Thursday, Jul 05, 2007
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Business Daily from THE HINDU group of publications Thursday, Jul 05, 2007 ePaper |
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Industry & Economy
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Exports & Imports Government - Financial Policy ‘Govt has not given up on export valuation rules’
K.R. Srivats New Delhi, July 4 The Finance Ministry has not given up the idea of introduction of export valuation rules despite the export community’s opposition to any such move. “It is very much in the offing. The law requires us to do that,” Mr S.K. Shingal, Chairman of the Central Board of Excise and Customs (CBEC) told Business Line on the sidelines of an international tax conference. He was responding to a question on whether the Finance Ministry has dropped plans to introduce export valuation rules. The Finance Ministry had, in March this year, come up with draft export valuation rules to ensure that there was no misuse of the existing duty entitlement pass book or drawback schemes and also to curb money laundering through merchandise export activities. The Finance Minister, Mr P. Chidambaram, had in Budget 2007-08 announced that “transaction value” and “not deemed value” would be the basis for valuation of exports. The transaction value is to be determined in accordance with the rules to be framed in this regard. Currently, the country does not have any specific export valuation rules under customs legislation. The Government is also looking to amend the existing import valuation rules for customs purposes. Tax collections
Meanwhile, Mr Shingal expressed confidence that the CBEC would meet the Budget estimates for indirect tax collections (excise, customs and service tax put together) for 2007-08 if the current tempo in collections were to be maintained. In 2007-08, the Finance Ministry has budgeted indirect tax collections at over Rs 2,79,190 crore.
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