Financial Daily from THE HINDU group of publications
Saturday, Apr 30, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 30, 2005 |
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Industry & Economy
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Excise and Customs Govt frames new system for Customs, excise reporting Our Bureau
New Delhi , April 29 COME May 1 Customs and Central excise field formations would have to conform to a new system of reporting to the Finance Ministry. The new system seeks to ensure greater efficiency, substantial savings in resources of the Revenue Department, and availability of reliable data in a timely manner. The Finance Minister, Mr P. Chidambaram, has accepted the recommendations of the working group that was set up to review the current system of management information system (MIS) reports and returns prepared by the field formations of Customs, Central excise and service tax. "The working group has recommended a drastic reduction in the total number of reports from 133 (for Customs, Central excise and service tax taken together) to seven periodic reports. We have accepted this recommendation. This is a major step," Mr Chidambaram told newspersons. It was felt that the number of reports and returns had grown to unmanageable proportions over the years owing to the introduction of several ad hoc reports from time to time. Apart from straining the administrative resources of the Department, it implied numerous and unnecessary interaction with the assessee from whom the requisite information was often required to be collected. Meanwhile, a statement issued by the Finance Ministry said that the format of the reports has also been revised so as to make them amenable to electronic filing and processing.
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