QQuestionBusiness Law
QuestionBusiness Law
What are the powers and functions of the Tariff Advisory Committee?
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Step 1: Understand the role of the Tariff Advisory Committee
The Tariff Advisory Committee (TAC) is an independent body in India that advises the government on matters related to tariff rates and structures. It was established under the Ministry of Finance's Central Board of Indirect Taxes and Customs (CBIC).
Step 2: Identify the main functions of the Tariff Advisory Committee
The TAC has several key functions: (a) Tariff Recommendations: The TAC provides recommendations to the government on the appropriate rates and structures of customs and central excise duties. These recommendations are based on various factors, such as changes in international trade patterns, domestic industry competitiveness, and revenue considerations. (b) Review of Existing Tariffs: The TAC periodically reviews existing tariff rates and structures to ensure they are relevant and up-to-date. It considers factors like changes in production costs, technological advancements, and market conditions. (c) Public Consultations: The TAC conducts public consultations to gather feedback from stakeholders, including industry associations, trade unions, and individual businesses. This helps ensure that the TAC's recommendations are well-informed and consider the diverse perspectives of those affected by tariff policies. (d) Technical Analysis: The TAC conducts technical analyses to assess the impact of proposed tariff changes on various sectors and the economy as a whole. This includes evaluating the potential effects on employment, investment, and trade balances.
Final Answer
The Tariff Advisory Committee is an independent body responsible for advising the Indian government on customs and central excise duties. Its main functions include providing tariff recommendations, reviewing existing tariffs, conducting public consultations, and performing technical analyses. Although the TAC's recommendations are not binding, they significantly influence the government's tariff policies due to the committee's expertise and inclusive decision-making process.
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