In a move to streamline and enhance trade operations, the Central Board of Indirect Taxes and Customs ( CBIC ) has introduced several technological initiatives. These advancements aim to simplify procedures and boost efficiency in the trading sector, as per the statements from the Economic Survey 2023-2024 tabled today at the parliament by Finance Minister Nirmala Sitharaman, prior to the Union Budget 2024-2025.
1.Electronic Cash Ledger: A phased implementation of an electronic cash ledger is underway. This system will simplify financial transactions, making it easier for traders to manage their accounts and payments.
2.Electronic Clearances at Land Customs Stations: To expedite border transactions, electronic clearances are being implemented. This will reduce paperwork and facilitate faster movement of goods.
3.Online Submission of IFSC Code: Traders can now submit their IFSC codes online, streamlining the banking process involved in trade activities.
4.Electronic Certificates of Origin: The introduction of electronic certificates of origin will simplify the verification process, ensuring quicker and more secure trade documentation.
5.Electronic Repair Services Outsourcing: To extend the life of faulty or damaged electronic goods, CBIC has introduced electronic repair services outsourcing. This initiative aims to reduce electronic waste and promote sustainability.
In a significant development, the Department of Posts ( DoP ) has launched the Postal Bill of Export (PBE) Automation System. This system allows exporters to file and process PBE electronically, eliminating the need for physical visits to Foreign Post Offices to present export parcels.
CBIC and DoP Partnership: Hub and Spoke Model
In a transformative partnership, CBIC and DoP have introduced the Hub and Spoke Model. This model simplifies the export process, particularly benefiting small-scale exporters by leveraging India’s extensive global postal network. Key features of this initiative include:
Digital Integration: Utilising digital technology and applications to streamline export processes.
Extensive Postal Network: Harnessing the power of 1.54 lakh post offices across India to facilitate seamless exports.
Elimination of Intermediaries: Reducing dependency on intermediaries, making the export process more direct and efficient.
By leveraging digital technology and the extensive postal network, CBIC and DoP will together make India, hopefully a more competitive player in the global trade arena.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
