#BudgetRoundTable2024: CBIC Chairman Sanjay Kumar Agarwal On Upcoming GST, Customs Duty Adjustments

During the #BudgetRoundTable2024 conference, Business Today TV Managing Editor Siddharth Zarabi spoke exclusively with Sanjay Kumar Agarwal, Chairman of CBIC about GST rate rationalization and customs duty adjustments. Agarwal highlighted the robust revenue growth from GST and discussed the committee already constituted to examine GST rate rationalization. This committee is thoroughly reviewing all aspects to determine how the rates can be adjusted. On the topic of customs duty, Agarwal mentioned that a similar exercise will be conducted to evaluate and rationalize customs duty rates. The goal is to develop a roadmap for aligning GST and customs duties in a way that promotes domestic manufacturing and supports export-oriented sectors. Agarwal emphasized that these efforts aim to correct duty inversion issues and move towards a coherent and strategic tax structure that benefits the economy.