Business · India Bureau
ASSOCHAM pushes for Customs amnesty to resolve ₹1.5 trillion dispute backlog
The apex industry body has submitted a pre-Budget proposal seeking a one-time amnesty scheme to settle outstanding Customs disputes. The initiative aims to clear a massive backlog while offering tax incentives for manufacturers and reduced long-term capital gains taxation.
LSN India ·
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has advocated for a specialized Customs amnesty scheme to address the mounting burden of unresolved trade disputes valued at approximately ₹1.5 trillion, according to its pre-Budget memorandum submitted to the government.
The proposal seeks to provide importers and exporters a window to settle pending Customs matters through a structured amnesty framework, potentially clearing years of accumulated disputes that have strained business operations and government resources. Industry representatives argue that resolving this backlog would provide immediate relief to trading enterprises while generating revenue for the exchequer.
Beyond the Customs amnesty initiative, ASSOCHAM has recommended broader fiscal measures to support manufacturing competitiveness. These include targeted tax incentives for domestic manufacturers and a reduction in long-term capital gains tax rates, measures the chamber contends would stimulate industrial investment and economic growth.
The memorandum reflects industry concerns about regulatory compliance burdens and taxation structures that stakeholders believe impede business expansion. ASSOCHAM's recommendations are expected to inform government deliberations as budget planning progresses for the fiscal year ahead.