New Delhi, Feb 3 (KNN) Some of the key indirect tax amendments announced in the union budget directed towards bringing simplification will support Make in India, MSMEs and exports, such as simplification of customs tariff structure, elimination of 500 exemption entries from the customs tariff, rate rationalization under customs, said Vivek Johri, Chairperson, CBIC.

He was speaking at FICCI’s virtual post budget interactive session.

“Amendment in the customs act to plug operational gaps to align customs provisions in line with Supreme Court judgement in the case of Canon India, recognizing publishing of data declared in bill of entry/shipping bill as an offence, aligning tariff in line with HS 2022, digitisation of process relating to import of goods at concessional rate of customs duty are some of the additional changes,” he added.

Sharing his perspective on the union budget 2022-23, JB Mohapatra, Chairperson, CBDT highlighted that the focus of the budget has been to provide maximum relief to the taxpayers by making significant changes in the income tax processes.

He emphasised that the endeavour is to eliminate irritants in the processes to curb inefficiencies, ensure hassle free and ease interaction between the taxpayers and tax department.

The provisions relating to litigation management to avoid repetitive appeals, clarification on various interpretation issues to plug long prone litigation between taxpayers and the tax department, new provisions inserted to ease faceless assessment process based on last year experience are some of the key changes announced in the Finance Bill, 2022, he stated.  (KNN Bureau)