The Central Board of Revenue (CBR) is in the process of identifying certain items to be imported from India along with their tariff line to encourage bilateral trade.
Ministry of Commerce has compiled a list of 1249 items, which are under consideration for import from India and supplied the same to the tax authorities for obtaining their viewpoint.
The proposed items included different types of chemicals used by the textile industry, pigments, dyes, fruits, vegetables, wind turbines, packing materials and a number of other consumer items.
In this connection, the Central Board of Revenue (CBR) and Ministry of Commerce have jointly started an exercise to evaluate the proposed list compiled in consultation with the trade bodies and industrial firms.
The first list contained items showing 978 new tariff lines (8-digit HS code) and the second list comprises 271 tariff lines (4-6 digit HS code).Presently, import of more than 720 items is permitted from India and the positive list is likely to expand following consensus by all the stakeholders.
Official sources told Business Recorder on Sunday that the Ministry of Commerce (MoC) has asked the CBR to examine these two lists and submit their viewpoint in the upcoming meeting this week.
Commerce Ministry has directed the CBR that various items proposed by the trade bodies and individual firms for import from India should be examined in the light of recommendations made by the public as well as private stakeholders.
The primary objective of the exercise is to evaluate and consider possibility of expanding the positive list. The CBR is examining the tariff lines to identify items, which could be included in the list of import items from India.
The CBR has started an exercise to examine each tariff line to ensure whether its import could be allowed from India or not. The tax authorities would submit their viewpoint in the coming meeting along with other stakeholders including economic ministries.
Sources added that it is a time consuming exercise and it is premature to announce the name of any item permitted from India.