The Central Board of Excise & Customs (CBEC) has initiated a comprehensive review of the regulatory and compliance framework governing export-oriented units (EoUs) and Software Technology Parks of India (STPI).
The initiative could benefit com panies such as Genpact, Aurobindo Pharma, PP Jewellers, Moser Baer India and HCL Technologies.
There are around 1,977 EoUs in the country with exports to the tune of over Rs 1 lakh crore and 3,800 odd STPI units with exports of about Rs 3 lakh crore.
The Narendra Modi-led NDA government is keen to ensure that unnecessary paperwork and compliances do not render Indian exporters uncompetitive internationally, especially at a time when global exports are taking a hit due to uncertain environment.
The CBEC has identified the provision dealing with warehousing as one of the first to be knocked off t as part of the proposed overhaul of the regulatory framework. Warehousing provisions involve a lot of paper work, permissions and visits by officers, and make transfer of goods within units cumbersof me and time con suming.
Ease of doing business has been identified as a major focus area by the CBEC, the apex indirect taxes body. The board is keen to build on its efforts that helped the country jump to 35th position from 54th on the World Bank’s Logistics Performance Index.
The EoU scheme was launched by the department of commerce and ministry of finance in 1980.
By Baishakhi Dutta
