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Announcement of customs duty waiver scheme possible in the budget
Budget 2025: During the budget session, Finance Minister Nirmala Sitharaman can announce a customs duty waiver scheme to reduce litigation and promote business ease. If this happens, it will be a big initiative for the industry. According to an estimate, more than 40 thousand cases related to customs alone are pending in various courts and tribunals.
This year, people have high expectations from the upcoming budget. Meanwhile, it is believed that to reduce litigation and promote business ease, Finance Minister Nirmala Sitharaman may announce a waiver scheme for customs duty in the upcoming budget.
In fact, Anurag Sehgal, Managing Director, Price Waterhouse & Co. LLP, says that the main demands of the industry will definitely be in line with the objectives of the government and one of the objectives of the government is to reduce litigation.
On this front, an amnesty scheme for customs duty, especially covering pre-GST legacy taxes such as additional duty, and special additional duty has been one of the industry's demands. The government had earlier announced amnesty schemes for excise duty service tax and income tax, but no such move was taken for customs duty.
According to an estimate, more than 40 thousand cases related to customs alone are pending in various courts and tribunals. The consultancy firm says that customs-related cases have been pending for a long time on various platforms. Both the taxpayer and the government need to spend a lot of time and effort to resolve them.
