A new web-based system for expedited export consignment clearance is likely to be rolled out in the following fiscal year. As per a report by Business Standard, this system will eliminate the need for separate applications required by various regulatory bodies. It will also allow exporters to submit their export declaration documents online at a single point of approval from authorities and will follow the current process for import clearance where export consignments must undergo a physical registration process.
As per the report, six major regulatory agencies are in discussions with the Central Board of Indirect Taxes and Customs (CBIC). The CBIC is reportedly building this new single-window clearance system for exports of goods, in order to incorporate their approvals with the new system. By the end of 2023, the department is expected to meet its target of having an average release time of 24 hours and 12 hours for exports through seaports and airports, respectively.
“We have initiated talks with relevant regulatory agencies. Their intervention is required to have a single window for export approval,” Business Standard quoted a senior revenue official as saying. He further stated that some export commodities have to undergo risk-based analysis, which frequently requires more time period for approval.
According to the report, the new system was created so that the Customs information technology system will automatically identify import items based on risk factors. Moreover, the system will automatically direct sample collection, inspection, delegation to Customs, etc, which in a way obviates the need for manual instructions.
“A web-based registration of goods will significantly reduce the time and effort involved to initiate the export process, divesting the need to travel to ports. Currently, the physical filing of documents at ports slows the entire supply chain,” Business Standard quoted Tanushree Roy, director-indirect tax, Nangia Andersen India as saying.
According to the report, there is another proposal to merge the Indian Customs Electronic Gateway (ICEGATE) portal with various regulatory organisations and special economic zones. This is expected to be done to fasten the export procedure even more.
