BackCentre includes PSUs in customs duty deferral scheme
The scheme available to AEOs, which cover many large corporations already, is expected to help state-run companies to first clear their imports quickly and pay duty within a fortnight, said the statement
PremiumThe central government has extended a scheme of deferred customs duty payment available to companies with good compliance track record to state owned companies, said a statement from Central Board of Indirect Taxes and Customs (CBIC).
The scheme available to authorized economic operators (AEOs), which cover many large corporations already, is expected to help state-run companies to first clear their imports quickly and pay duty within a fortnight, said the statement
The scheme was rolled out in 2016 for importers recognized by the the indirect tax authority on the basis of certain compliance parameters such as proper maintenance of records, secure internal controls and a good track record of legal compliance. At present, there are 244 importers who get the benefit of the scheme.
Inclusion of companies run by central and state governments in the scheme would require these importers to register with the CBIC on the basis of a recommedation from a senior official from their administrative department.
The facility of deferred payment of customs duties is a part of CBIC’s on-going efforts to offer a faceless, contactless and paperless customs process, said the statement. “The objective is to enhance the ease of doing business and bring in more efficiency and improvement in turnaround time, ultimately leading to a reduction in the time and costs associated with customs clearance," said the statement
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