Custom procedures won’t be customary anymore with Electronic Portal

The proposed Common Customs Electronic Portal by the government aims to facilitate the  ease of doing business in foreign trade through a single window clearance system of various bills and documents.
 In a bid to consolidate the exports, the government has already announced to expunge several conditional exemptions which had outlived their utility in Budget 2021. not Further, all future exemptions, which are based on fulfillment of conditions, will be valid for two years only. During the past few years, several adjustments have been  observed both in terms of custom rates and procedures  There has been a gradual reduction in the Customs duty rates on many products with 7.5 per cent rate becoming common across a wide variety of goods.  The new portal, once it becomes functional will smoothen the interaction between authorities and businesses by digitally expediting the process such as registration, filing of bill of entry, shipping bill,  payment of duty and other documents and forms as per the specifications  of The Central Board of Indirect Taxes and Customs (CBIC). Businesses will find it easier to determine the effective custom duties applicable on goods imported by them. The procedures relating to payment of custom duties on import and clearance of goods have also been simplified to enable traders in swift clearance of goods from seaports, airports and land Customs stations. Import duties on several goods have been increased in a calibrated manner to encourage manufacture. A number of neighbouring countries have improved their capacity as a result of international and domestic effort so it is incumbent on us to recognize the benefits of liberalised trade by removing deterrents through digital enablement. Cover Image source by India TV News