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Thursday,06-August-2020

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CBIC launches Turant Customs for faceless clearance of imported goods

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Tax

The Central Board of Indirect Taxes & Customs (CBIC) on Monday launched its flagship programme, Turant Customs, at Bengaluru and at Chennai, paving the way for technology-supported faster Customs clearance of imported goods.

Under the programme, importers could now get their goods cleared from Customs after a faceless assessment done remotely by the Customs officers located outside the port of import. So, the goods imported at Chennai may be assessed by the Customs officers located at Bengaluru and vice versa, as assigned by the Customs’ automated system.

The start of Turant Customs at Bengaluru and at Chennai would be the first phase of the All India roll out which would get completed by December 31 this year.

The first phase would cover imports of mechanical, electrical and electronics machineries at the ports/airports/ICDs of Bengaluru and Chennai.

CBIC said that Turant Customs would benefit the importers by eliminating routine interface with the Customs officers and providing uniformity in assessment across the country. This would reduce transaction costs and eliminate the practice of port shopping for favourable assessments.

Under the umbrella of Turant Customs, the CBIC promises the trade a faceless, contactless and paperless Customs clearance experience. While the assessment of Customs duty would be faceless, i.e., it would be done anonymously and remotely, critical steps in the process have been made contactless and paperless, CBIC said in a statement.

The indirect tax board also said that these steps include self-registration of goods on the system by importers, automated clearances of bills of entry, digitization of bill of entry, paperless processing by uploading documents on the electronic e-Sanchit platform, etc. Also, all communications between importers and Customs officers would be done electronically through the ICEGATE portal.

The launch of Turant Customs marks the culmination of a long pilot phase started in August 2019 at Chennai and later extended to Ahmedabad, Bengaluru, Delhi, and Visakhapatnam Customs Zones for select commodities.

Turant Customs is a mega reform for the ease of doing business. It is a continuation of the reform journey that CBIC embarked on few years back, resulting in India’s ranking in the World Banks’ Trading Across Border category of the Doing Business Report improving rapidly from position at 146 in 2017 to 68 last year, the statement said.

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Business

Godrej Properties logs Rs 20 crore consolidated net loss in Q1

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Godrej. (Photo: twitter@GodrejGroup)

Godrej Properties on Wednesday reported a consolidated net loss of Rs 20.23 crore for the April-June quarter of FY 2020-21.

During the corresponding period of the last fiscal, the company had reported a consolidated net profit of Rs 89.87 crore.

The real estate major reported an 88.63 per cent fall in its revenues from operations during the first quarter of FY 2020-21 at Rs 72.29 crore.

In its investor presentation, the company said that due to the Covid-induced lockdown, there was very limited construction activity during the quarter and as a result, no new projects achieved revenue recognition. Cash collections, which depend on construction milestones, were also impacted, it added.

“This led to an accounting loss and negative operating cash flow for the quarter,” the company said.

Commenting on the performance, Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd, said: “While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact it has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year.”

He added that that the current crisis will add further momentum to the process of consolidation that is underway in the sector and the company will continue to focus on rapidly growing its market share.

Shares of the company plunged nearly 3 per cent post the earnings announcement. Currently its shares on the BSE are trading at Rs 902.50, lower by Rs 28.70 or 3.08 per cent from its previous close.

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Business

Indian Railways changes freight policy to boost economy

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Indian-Railways

With an aim to boost economic activities in the country during unlock 3.0, the Indian Railways is offering a slew of incentives, including 50 per cent concession in terminal access charges for covered wagons, to boost freight traffic.

A Railway Ministry spokesperson said that its new policy measures will further boost the incentives for all suppliers to transport their goods through railways.

In the revised policy, the Railways has worked on the alternate goods shed policy, under which terminal charge will not be levied on consignments booked from alternate goods sheds, instead of identified busy goods shed, the official said.

The railways has already surpassed the freight loading figures in August so far, adding that 8.64 million tonnes of freight had been loaded compared with 8.37 million tonnes during the corresponding period last year.

The official said that under the free-time relaxation for covered wagons, zonal railways are empowered to relax the free time up to double the normal free time and/or non-levy of demurrage/wharfage in case of covered stock up to September 30.

The official said that to boost the freight traffic, the railways has decided to give 50 per cent concession in terminal access charge on container traffic handled at Group-III Container Rail Terminals.

The Ministry has decided to not collect the stabling charges on container traffic from May 18 to October 31.

A discount of 5 per cent on haulage charge per 20-foot equivalent unit (TEU) is being given on loaded containers from August 4 to April 30, 2021, the official said.

The official said permission to accept road weighbridge weight figures to certain goods sheds of South Central Railway for loading granite-all documents and data to be captured in the system.

The railways has also decided to give a concession of 40 per cent for loading in open wagons covered with tarpaulin.

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Business

Maruti Suzuki launches new S-Cross Petrol

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Maruti-Suzuki-plant

Automobile major Maruti Suzuki India on Wednesday launched the all new S-Cross Petrol with a starting price of Rs 8.39 lakh.

As per the company, the SUV has been engineered with a ‘1.5 Litre K series BS6’ petrol engine.

“The new refined engine delivers a peak power of ’77KW@6000 rpm’ with a top-end torque of ‘138Nm@4400rpm’ that de livers an energetic driving experience.”

“The engine offers superior NVH characteristics powered by a pendulum mount engine, offering unmatched best in-class fuel efficiency (18.55km/l) and an improved cooling performance.”

According to the company, the new S-Cross Petrol is available with 5-speed m anual and 4-speed automatic transmission.

“Automatic variants are equipped with hill hold assist feature, as standard. These help enhance the driving experience through optimal acceleration and performance,” the statement said.

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