Customs Amnesty Scheme May Ease Business Litigations

Finance Minister Nirmala Sitharaman may introduce a Customs Amnesty Scheme in the upcoming budget to simplify business processes and reduce litigation. Industry experts support this move to address lengthy customs disputes, proposing a scheme similar to Sab ka Vishwas and suggesting rate rationalization to boost investment.

Finance Minister Nirmala Sitharaman is expected to propose a Customs Amnesty Scheme in the forthcoming budget aimed at easing the process of doing business and reducing legal disputes.

Industry experts from Price Waterhouse & Co LLP and EY India highlight the advantages of such a scheme, emphasizing its importance in addressing pre-GST legacy tax issues and preventing drawn-out legal battles. They recommend introducing mechanisms similar to past initiatives like the Sab ka Vishwas scheme to alleviate burdens on the judicial system and business community.

Such initiatives are crucial for the 'Make in India' strategy, with proposed rate rationalizations expected to bolster domestic investments. Meanwhile, the anticipated review of certain tax exemptions remains a key industry demand, particularly in sectors critical to sustainability and small enterprises.

(With inputs from agencies.)