Quick Summary
Finance Minister Nirmala Sitharaman has indicated that India is preparing for one of the most sweeping changes to its customs framework in decades, calling it her "next big cleaning up assignment" ahead of the upcoming Union Budget. She emphasised that customs administration must now match the effic
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
Buy CCI PRO Now
Already a PRO member? Login here for an ad-free experience.
FAQ :
The main goal is to make customs administration as efficient, transparent, and simplified as the income tax system has become over the past decade.
An inverted duty structure occurs when duties on raw materials are higher than on finished goods. Fixing this is a priority to boost domestic competitiveness and encourage local manufacturing.
Experts expect faster digitisation of frameworks like AEO and MOOWR, moving towards a fully digital, standardised system for online transfers, uniform return filing, and automated approvals to reduce costs and processing times.
Section 11(3) is expected to enable the creation of a genuinely unified single-window system for all import and export requirements, centralising compliance responsibilities.
Industry stakeholders are urging for a one-time amnesty scheme for old customs disputes, similar to previous government initiatives, to resolve pending litigations, especially for pre-GST levies.
Digitisation is seen as the backbone of the reform, with proposals for an API-based architecture covering all customs processes from filing to post-clearance updates, similar to the GST system.
CAclubindia
