Quote on Custom Duty by Deepthi Alexander, Partner, Indirect Tax, BDO India
Below the Quote on Custom Duty by Deepthi Alexander, Partner, Indirect Tax, BDO India
* Reduction in customs duty slab rates would lead to reduction in classification related disputes and increase ease of doing business for importers.
* Removal of Social Welfare Surcharge on imported goods is expected to reduce cost of import and encourage domestic manufacturing across sectors.
* The faceless procedures were supposed to be introduced in a phased manner. While a mechanism for faceless assessment, re-assessment or recomputation and faceless CIT(A) is already in place, the Union Budget 2025 proposes to notify faceless schemes for determination of arm's length price, i.e., Transfer Pricing assessments, faceless Dispute Resolution Panel, faceless appeal/proceedings before the Income Tax Appellate Tribunal as well, so as to impart greater efficiency, transparency and accountability.
Above views are of the author and not of the website kindly read disclaimer
