Self declaration scheme for exports/imports by May end

NEW DELHI: The government will bring out a self declaration scheme for exports and imports, Accelerated Clearance System (ACS), by May end, a senior government official said on Tuesday.
"Government is working on a self declaration scheme for exports and imports for select category of exporters and importers like manufacturing exporters," A K Prasad, director of customs, told reporters on the sidelines of an open house with exporters.
Stating that special economic zones (SEZs) would be the engine of growth in achieving export target of 1 per cent of global trade by 2008, additional secretary of commerce D K Mittal said government was expanding existing SEZs including Kandla.
Mittal said government had already added 300 acres in Kandla SEZ, 15 acres in Mumbai SEEPZ and 30 acres in Falta, while expansion of some others was also being considered.
Indicating that greenfield Indore SEZ was expected to get operational by May, he said certain fiscal incentives had been sought from the Finance Ministry like treatment of transaction from Domestic Tariff Area to SEZ and between SEZs as exports.
Carrying forward of unabsorbed losses and depreciation, special regime for overseas banking units has also been sought from finance ministry, he said expressing hope that amendments to Finance Bill would address these.
Among other incentives for SEZs, Commerce Ministry has also asked Finance Ministry to grant exemption of up to 50 per cent in income tax on income generated from 100 per cent investment of profits, he added.