CBEC sets up 10 working groups to address concerns issues raised by industry

New Delhi, Mar 25 (KNN) The Central Board of Excise and Customs (CBEC) has set up 10 working groups to look into the concerns raised by trade and industry including MSMEs and facilitate smooth transition into GST regime.

The working groups will address issues related to banking, financial services and insurance sector; telecommunication; exports; information technology; transport and logistics; textiles; micro, small and medium enterprises (MSMEs); oil and gas; gems and jewellery; and government services.

These working groups will address questions related to procedural simplification and possible rate structure and submit their reports by 10 April.

According to a media report, these working groups will address include compliance challenges for small and medium sector in an automated environment with end-to-end matching of invoices and cascading effect due to exclusion of certain industries and clauses in the production-sharing contracts.

These working groups will also address issues related to exports and special economic zones, taxability of government services, taxation of the country’s critical infrastructure and abatements provided to the transportation sector.

They will also look at how to handle instances in some sectors where services are provided between establishments of the same entity without invoice or payment with high volumes of transactions for operations spread on a countrywide basis.

They will also seek to address issues raised by sectors employing a large workforce like textiles.