Centre Allows PSUs to First Clear Imports And Pay Duty Later Within 14 Days
The Centre on Tuesday allowed Public Sector Undertakings (PSUs) to first get their import cleared. The government also asked the PSUs to pay customs duty within 14-days after clearing the goods imported goods. The Central Board of Indirect Taxes and Custom (CBIC) in a statement said that the measure would help in faster clearance of imported goods.
New Delhi, August 25: The Centre on Tuesday allowed Public Sector Undertakings (PSUs) to first get their imports cleared. The government also asked the PSUs to pay customs duty within 14-days after clearing the goods imported goods. The Central Board of Indirect Taxes and Custom (CBIC) in a statement said that the measure would help in faster clearance of imported goods. FM Nirmala Sitharaman Applauds Income Tax Officials on I-Day 2020, Says 'Responsibilities Have Grown With Faceless Approach for Appeals and Assessments'.
If importers want to include PSUs of the Centre and States in the scheme of deferred payment of Customs duty, they have to register with the CBIC on the basis of a recommendation letter from a Joint Secretary level officer of their administrative Ministry/Department, reported the Hindu Businessline. Under this scheme, approved AEOs (Authorised Economic Operators) are now not required to intimate every Customs Port of their entitlement to avail the facility. PM Narendra Modi Launches ‘Transparent Taxation-Honoring the Honest’ Platform; Reforms Like Faceless Assessment, Taxpayers Charter to Come Into Force From Today; Key Highlights.
The scheme was first introduced in November 2016. At present, 244 approved AEOs are given the facility of clearing their imported goods immediately without paying customs duty. The scheme is part of government’s initiative of next generational reform “Turant Customs” with the aim of creating Faceless, Contactless and Paperless Customs environment.
(The above story first appeared on LatestLY on Aug 25, 2020 10:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).