Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: due date for vat payment :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: empanelment
« Customs and Excise »
 Central Excise Rules, 2017 – Part I
 Allocate the charges amongst the Members of the Central Board of Excise and Customs
  Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd.
 4 new members appointed in Central Board of Excise and Customs
 Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd.
 Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017
 Central Board of Excise and Customs to soon notify new procedural framework
 CBEC set to be Central Board of Indirect Taxes and Customs
 Govt to give customs, excise duty benefits to boost solar rooftop sector
 Clarification regarding posting of Central Excise officer in Cigarette units-reg.
 Ensure transparency in excise department working: Bizmen to government

Customs board plans partnership pacts to fast-track cargo movement
November, 01st 2011

The customs department will soon start negotiations with Indias trade partners to enter into agreements that will reduce scrutiny and procedural requirements for local exporters and importers, facilitating faster movement of cargo.

Under the mutual recognition agreements (MRA), two countries agree to recognize each others compliance standards with regard to inspection, auditing and accreditation.

Exporters, importers and other logistic providers authorized by the customs department under the authorized economic operator (AEO) programme will benefit from these agreements.

Once the MRAs are signed with foreign countries, those countries will recognize our AEOs and it will make it easier for exporters and importers. Goods can move without hindrances from the factory gates to the destination between countries, said S.K. Goel, member, customs, Central Board of Excise and Customs. It will be time-saving and reduce costs as well.

Indias customs department had notified the AEO programme in August as part of the Safe Framework of Standards (SAFE) adopted by the World Customs Organization. SAFE aims to support secure movement of goods by setting a range of standards for customs administrations and entities to follow. AEOs will get preferential treatment over non-AEOs and their consignments fast-tracked through customs controls.

Various countries have different security concerns. It is difficult for the customs authorities to examine cargo and address the security concerns, said T.N.C. Rajagopalan, an independent trade analyst. But if the exporter or importer has AEO status, his declaration will be accepted both by domestic and foreign countries custom authorities leading to faster movement of cargo.

India plans to sign accords with trading partners that have implemented AEO programme. The US, Japan and the European Union have some kind of AEO scheme, Goel said. We will enter into talks with them and look to sign these MRAs.

Entities will be notified as AEOs by the Central Board of Excise and Customs if they have a good track record of compliance of customs rules and other provisions, are financially solvent, have satisfactory systems of managing commercial and transport records, and have good security and safety standards.

We will start granting AEO status to the parties, and have invited applications for a pilot project. A few applicants will be selected for the pilot, Goel said. Depending on the results of the pilot, we should start granting AEO status to entities from next year, Goel said. The government will then start negotiating MRAs with foreign countries.

The grant of AEO status will also reduce the burden on the customs department. Customs primary responsibility is revenue generation. They have to perform assessment, valuation and examination of goods. Grant of AEOs will take care of security concerns, Rajagopalan said.

The scheme will benefit importers as they have to get more clearances, said A. Sakthivel, former president of Federation of India Export Organisations. Security concerns are greater when goods are imported.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions