Changes in the duty structure aimed at promoting ‘Make in India’: CBEC chief

New Delhi, Feb 6 (KNN) Things like mobile phones, perfumes, cosmetics and toiletries, juices etc can be manufactured wonderfully in India, said Vanjana N Sarna, CBEC Chairperson adding that there is a need to make these items in India and bring them to the masses, as most of them are related to micro, small and medium enterprises (MSMEs).

In her address at the ASSOCHAM, Sarna said that so far as the customs side is concerned it had focussed upon three major areas in this budget - trade facilitation, dispute resolution and dispute resolution management and, enforcement.

She said that changes made in the duty structure were aimed at encouraging domestic manufacturing and increase domestic value addition thereby transforming India into a manufacturing hub.

“We wanted to promote Make in India in a very big way, it has been on the anvil but it needs that environment to actually move forward and we thought this is the good time to do it,” said the CBEC chief.

“We increased duty in about 45 items and reduced in about five, It was a very-very carefully thought out list of items and if you go through it you will understand that almost each one of them have capability of being made in India,” said Sarna.

CBDT (Central Board of Direct Taxes) chairman, Sushil Chandra said the Income Tax Department has issued about one lakh notices to people who have invested in crypto currencies like Bitcoin and have not declared it in their income tax return.

“People who have made investments (in crypto currency) and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable,” said Chandra while addressing an ‘ASSOCHAM Post Budget Seminar.’

He further said that as per income tax (laws), whatever money one is investing (in crypto currency), it would be taxable if it is unexplained. Besides, even the profit gained on the same is taxable.

“So we will tax that particular amount and they should pay tax on that,” added Chandra.