CII ER International Trade Committee hosts interactive session with Chief Customs Commissioner of Kolkata

Kolkata: The CII ER International Trade Committee hosted an interactive session with Madan Mohan Singh, Chief Customs Commissioner of Kolkata.

Singh announced that CBIC has started automatic electronic payment of duty drawback amounts directly into exporters’ bank accounts effective June 5, 2024 which is a great development for the trade fraternity and was awaited since long.

The payment of duty drawback amounts into the exporters’ accounts will be facilitated through the Public Finance Management System (PFMS) automatically. This is another initiative of the CBIC towards paperless Customs and enhanced trade facilitation.

He discussed the shifting dynamics of the economy, highlighting that the tertiary sector is now surpassing the primary and secondary sectors in importance. He pointed out that as economies develop, the share of indirect taxes usually increases; however, this trend is reversed in India.

Singh emphasised the need for effective utilisation of digital platforms like e-Sanchit and Turant Customs. Turant Customs, a faceless assessment initiative by the CBIC, is designed to streamline customs procedures and enhance the ease of doing business. He noted that the Customs department is transitioning from a regulatory role to a facilitative one, aiming to support businesses as a partner rather than hinder them.

Moreover, he emphasized the Customs department’s readiness to collaborate with industry stakeholders to drive national growth.

He encouraged businesses to leverage these digital tools for greater efficiency and compliance, ensuring smoother operations and faster clearances. The session also highlighted the importance of ongoing reforms in customs processes to align with global standards and enhance India’s competitiveness in international

trade.