Customs officials to meet engg exporters to resolve issues
September, 06th 2010
The customs and excise authorities will soon call a meeting with engineering exporters to resolve their procedural problems and facilitate trade.
"The Directorate General of Export Promotion, Central Board of Excise and Customs(CBEC) will be organising a meeting with EEPC India to discuss issues relating to Customs policy and procedures for facilitating trade," Executive Director of the Engineering Export Promotion Council (EEPC) R Maitra said in a communication to its members.
The meeting is likely to take place by the end of this month, he said.
India's engineering exports totalled $32 billion last fiscal with European and the US markets contributing the most.
Maitra said engineering exporters would take up with the government the issue of tax deducted at source (TDS) on payments made to foreign commission agents.
The EEPC has been demanding waiver of TDS on payments made to the foreign agents.
The other major irritant for these exporters relate to the outstanding dues for tax refunds which add to their transaction cost, Maitra said.
He said the exporters have to first pay tax on raw material even on those goods which attract no excise duty and later have to seek the refund.
The procedure is cumbersome and should be simplified.