Current Affairs - Miscellaneous - Discussion

Discussion :: Miscellaneous - Latest Current Affairs (Q.No.736)

736. 

How many groups are Constituted by CBIC to study and recommend measures to facilitate trade, promote exports and improve compliance?

[A]. 5
[B]. 3
[C]. 8
[D]. 10

Answer: Option B

Explanation:

The Central Board of Indirect Taxes and Customs (CBIC) constituted 3 Working Groups to study and recommend measures to facilitate trade, promote exports and improve compliance. The groups will consult the stakeholders extensively, including the Export Promotion Councils and relevant wings of the Ministry of Commerce and industry and submit their report within a period of 2 months. It will focus on; improving the legislative structure of customs tariff and update it to suit the emerging and future needs of the economy and industry with special focus to create a comprehensive export tariff structure to enhance India's export competitiveness. export promotion and facilitation with emphasis on boosting exports through e-commerce, addressing the trade facilitation barriers faced in India's export markets and improving the quality of logistics services for exporters. Enhancing compliance, plugging loopholes to improve revenue collection on customs and curb IGST refund frauds.

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