Quick Enqiry

Bring DGFT under Finance Ministry : IRS body to Arun Jaitley

  • By: Administrator
  • |
  • Category: Exim News
  • |
  • Date: 06 Feb 2018

NEW DELHI: The Directorate General of Foreign Trade (DGFT), responsible for promoting the Country's exports, needs to be brought under the domain of the Ministry of Finance, a tax officers' association has demanded. The DGFT is currently under the Ministry of Commerce and Industry.

In a letter to Finance Minister Arun Jaitley, the Indian Revenue Service (Customs and Central Excise) association said such a move will help in better facilitation of trade inside and outside of India.

The Commerce Ministry through the foreign trade policy has undertaken a number of measures like imposition of anti-dumping duty, formulation of trade policies and setting up of Special Economic Zones, said the letter written by Anup K Srivastava, President of the association and a senior IRS officer.

However, with the major function of trade facilitation being with the Ministry of Finance, and the customs being the first interface of importers and exporters, at times there are problems of coordination. This leads to duplicity of work which at times not only increases the transaction cost but is also detrimental to the growth of economy, it said.

"It would be prudent that DGFT be brought into the Ministry of Finance so that there is uniformity in the policy and trade has only one agency to interact with. This, it is felt that such a change would boost the trade measures taken by the Government and make India a destination for foreign investment," said the association.

Source: dailyshippingtimes.com