FIEO seeks re-look at proposed Section 113(ja) in Customs Act

The trade views these measures with suspicion and alerts the government to possible unintended consequences of the proposed amendments

At the time of presenting the Union Budget, the government, besides altering the duty or tax rates that have a bearing on its revenue, proposes several amendments to the laws through the Finance Bill. 

Usually, these are changes the bureaucracy wants for plugging loopholes in tax collection and bringing about technical changes to cope with the emerging trends in legal interpretations and technological changes. It is also for taking initiatives to make it easier to do business. Some of these changes are helpful.

However, where the intent is to plug revenue leakage, the government seeks to introduce some restrictions, prescribe harsher punishments