The Central Board of Indirect Taxes and Customs (CBIC) has started capturing district-wise data or origin of export goods that will feed into national-level trade policy making, a move aimed at turning districts into export hubs. The additional information from the export declarations will provide a key statistical input to policy makers on the importance of each district for exports and will help in aligning the policies to enhance local capacity, the board said in a statement Monday.
Additionally, the export declarations would also capture declarations by exporters intending to avail free trade agreements or preferential trade agreements for exports to partner countries. “This would provide critical data on the gains being made by Indian exporters under FTAs/ PTAs and help the government align India’s foreign trade policy in nation’s best interests,” the board said. Further, the CBIC has made it mandatory for every GST registered importer and exporter to declare their GSTIN on the import and export declarations. Not only will this help the taxpayers in claiming input tax credit and integrated GST refunds, it will also help in checking frauds. The initiative, which will help policy makers take data-driven decisions, follows directives of the prime minister, which were reiterated by the finance minister in her budget speech earlier this month.
