e-Payment of customs duty made mandatory: Govt

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e-Payment of customs duty made mandatory: Govt
Finance Ministry on Friday said that in order to further reduce transaction cost of the importers and as a trade facilitation measure, it has been decided to make e-payment mandatory for importers registered under Accredited Clients Programme and importers paying customs duty of one lakh rupees or more per Bill of Entry with effect from 17.09.2012. 

Central Board of Excise & Customs (CBEC) has issued instructions advising all the Chief Commissioners of Customs to give wide publicity to enable trade to be ready in case any change in their software or any internal procedure for effecting e-payment is required. As a large number of taxpayers would be required to pay the taxes electronically, it is requested that importers, trade and industry may be provided all assistance so as to help them in adopting the new procedure. 

E-payment is advantageous to tax payers as well as the Government. To the taxpayers, it affords the facility of making payments from their own offices on a 24X7 basis. It also facilitates quicker release of cargo. To the Government, it ensures immediate collection of taxes and error free data relating to tax payments. 

E-payment facility at Customs locations was introduced in 2007 and is available through more than one authorized bank at all major Customs locations having ICES facility. Though voluntary, the facility has been used by numerous importers. Besides expediting the process of payment of Customs duty and clearance of imported goods, the facility of e-payment has resulted in reduction of transaction cost.


Read more about: tax, custom duty
Story first published: Saturday, September 8, 2012, 10:22 [IST]
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