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Tuesday,15-June-2021

Business

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

Sensex down 300 points; finance, auto stocks lead selloff

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Bombay-Stock-Exchange

The key Indian equity indices declined on Monday morning tracking mixed cues from the Asian market along with profit booking by traders after the indices scaled new highs last week.

The across-the-board selloff was led by auto, finance and banking stocks.

Around 9.45 a.m., Sensex was trading at 52,166.60, lower by 308.16 points or 0.59 per cent from its previous close of 52,474.76.

It opened at 52,492.34 and touched a high of 52,542.66 and a low of 51,936.31 points.

The Nifty50 on the National Stock Exchange was trading at 15,676.60, lower by 122.75 points or 0.78 per cent from its previous close.

The major losers on the Sensex so far were State Bank of India, HDFC and NTPC, while the top gainers were Infosys, Tata Steel and Tata Consultancy Services.

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Business

Petrol price goes past Rs 100 in Hyderabad

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Petrol

With the latest fuel price hike, the price of petrol in Hyderabad crossed Rs 100 per litre mark on Monday.

The oil companies on Monday hiked the prices of petrol and diesel by 29 and 30 paise per litre, respectively.

With the latest hike, the price of petrol in Hyderabad has jumped to R.100.20 while petrol of diesel also crossed Rs 95. The new retail price of diesel in Telangana capital is Rs 95.14 per litre

The price of premium petrol, the fuel with additives that is sold under different names by various petroleum companies, had crossed Rs. 100 last week.

With the hike on Monday, the price of normal petrol also crossed Rs 100 mark.

The fuel prices have been on the rise since May 4. The oil companies have hiked the prices 24 times in last 42 days. The increase has been to the tune of Rs 5.27 in price of petrol and Rs 6.25 in diesel.

Oil companies have attributed the hike to the rally in oil prices in international market.

Among metros, Mumbai now has the highest petrol price at Rs 102.58 per litre.

The prices vary from state to state due to different rate of Value Added Tax (VAT) and also due to transportation charges from the nearest refinery.

Within Telangana, the fuel prices vary from district to district. The highest price of petrol is in Adilabad at Rs 102.22 per litre while the lowest is in Warangal at Rs 99.74. Barring Warangal, the price crossed Rs 100 in all the towns.

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Business

Fuel price hiked again; petrol nearing century mark across the country

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Petrol

Fuel prices were increased again across the country on Monday adding more misery for the common man already grappling with rising food prices amidst shrinking income.

With the rise, petrol has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel hit and cross the Rs 100 per litre mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.

On Monday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 26 and 31 paise per litre across the four metros.

Accordingly, the price of petrel increased by 29 paise per litre to Rs 96.41 per litre and diesel by 30 paise per litre to Rs 87.28 per litre in Delhi.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday. The price of diesel also increased in the city by 31 paise per litre to reach Rs 94.70 a litre, the highest among metros.

Across the country as well petrol and diesel prices increased on Monday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai has also reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month end.

With Monday’s price hike, fuel prices have now increased on 24 days and remained unchanged on 21 days since May 1. The 22 increases have taken up petrol prices by Rs 6.01 per litre in Delhi. Similarly, diesel has increased by Rs 6.55 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail prices of fuel in India is expected to firm up further in coming days. The benchmark Brent crude is currently close to $74 on ICE or Intercontinental Exchange.

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