The recent budget has proposed a significant rejig in basic customs duties to encourage manufacturing and make India an attractive investment destination for companies. In this context, we together with Indo-American Chamber of Commerce (IACC) conducted a seminar on Changes, Challenges in Customs & FTP Provisions post Union Budget 2019-20. Mr. P. Sridharan, Partner and Mr. V. Muthuraman, Joint Partner, Lakshmikumaran & Sridharan engaged the sessions.
Mr. P. Sridharan in his speech said that the changes in customs act 1962 had been made to boost the Manufacturing sector in India. He further said that even though the objective of these changes is to encourage exports, there are lot of regulations that slows down the pace of the exports. He gave an introduction to “SCOMET” – which stands for – Special Chemicals, Organisms, Materials, Equipment and Technologies which require a license for permission to export from India. He also explained about Authorized Economic Operator (AEO) certificate and its benefits. Mr. V. Muthuraman elaborated on the Sabka Vishwas Scheme announced in the Budget 2019 and how it aims to reduce the pending litigation and covers disputes under Central Excise, Service Tax and specified Cesses including Education Cess, Krishi Kalyan Cess and Swachh Bharat Cess etc.
Mr. P. Ravindranath, Chairman, IACC delivered the Welcome address, Mr. Vivek George, Manager, WTC Kochi made the concluding remarks.
The half day seminar held at WTC was attended by representatives from Manufacturing, IT, Consultancies, Govt. bodies, Logistics, Hospitality as well as Students.