Self assessment by importer and exporter is a great step. It will reduce time of transaction and cost of compliance with Customs formalities. Thus will lead more competitive price of Indian Goods and improve
efficiency of Global Supply Chain. There will be random checks by Customs to prevent mis use of self assessment practice. This scheme is operative in various form for past many years. But ,now it is has been widen. Detail procedure will be known only after Notification or circular is issued by CBEC.
As per Task force of Ministry of Commerce, It is said that reducing of transaction cost will yield saving of
Rs 2100 Crore.
CBEC has EDI systems at 91 locations. Electronic filing and CBEC web portal are great tool for reducing transaction cost. Even State Govts have started accepting Electronic Tax Returns.
efficiency of Global Supply Chain. There will be random checks by Customs to prevent mis use of self assessment practice. This scheme is operative in various form for past many years. But ,now it is has been widen. Detail procedure will be known only after Notification or circular is issued by CBEC.
As per Task force of Ministry of Commerce, It is said that reducing of transaction cost will yield saving of
Rs 2100 Crore.
CBEC has EDI systems at 91 locations. Electronic filing and CBEC web portal are great tool for reducing transaction cost. Even State Govts have started accepting Electronic Tax Returns.