Govt announces PSUs to pay Customs duty later within 14 days
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Government has announced a major initiative to allow the Public Sector Undertakings to first clear the goods imported by them through Customs and then pay Customs duty later, within 14 days. In a statement, Central Board of Indirect Taxes and Customs (CBIC) said, this measure is expected to result in speedier clearance of the good imported by the PSUs.
It said, the scheme of deferred payment of Customs duties was first introduced in November, 2016 for importers recognized by the CBIC as Authorized Economic Operators. These importers are approved by the Customs on the basis of certain compliance parameters such as proper maintenance of records, secure internal controls and a good track record of legal compliance.
The facility of deferred payment of Customs duties is a part of CBIC’s on-going next generational reform ‘Turant Customs’ which envisages a Faceless, Contactless and Paperless Customs environment. The objective is to enhance the ease of doing business and bring in more efficiency. #casansaar (Source - NewsonAir)
It said, the scheme of deferred payment of Customs duties was first introduced in November, 2016 for importers recognized by the CBIC as Authorized Economic Operators. These importers are approved by the Customs on the basis of certain compliance parameters such as proper maintenance of records, secure internal controls and a good track record of legal compliance.
The facility of deferred payment of Customs duties is a part of CBIC’s on-going next generational reform ‘Turant Customs’ which envisages a Faceless, Contactless and Paperless Customs environment. The objective is to enhance the ease of doing business and bring in more efficiency. #casansaar (Source - NewsonAir)
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