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Self-declaration scheme for exports/imports by May end
April 22, 2003 20:59 IST
The government will bring out a self-declaration scheme for exports and imports, accelerated clearance system, by May end, a senior government official said on Tuesday.
"The government is working on a self declaration scheme for exports and imports for select category of exporters and importers like manufacturing exporters," A K Prasad, director, Customs, told reporters on the sidelines of an open house with exporters.
Stating that special economic zones would be the engine of growth in achieving export target of one per cent of global trade by 2008, additional secretary, Commerce, D K Mittal said the government was expanding existing SEZs.
Mittal said the government had already added 300 acres at Kandla SEZ, 15 acres at Mumbai SEEPZ and 30 acres in Falta, while expansion of some others was also being considered.
Indicating that greenfield Indore SEZ was expected to get operational by May, he said certain fiscal incentives had been sought from the finance ministry like treatment of transaction from domestic tariff area to SEZ and between SEZs as exports.
Carrying forward of unabsorbed losses and depreciation, special regime for overseas banking units has also been sought from finance ministry, he said expressing hope that amendments to the Finance Bill would address these.
Among other incentives for SEZs, commerce ministry has also asked the finance ministry to grant exemption of up to 50 per cent in income tax on income generated from 100 per cent investment of profits, he added.
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