The Union Govt. has extended the facility of deferred customs duty payment to authorized PSUs. This is to expedite the clearance of imports by public sector undertakings. The PSUs will be allowed to make the payment within 14 days, says a release from Central Board of Indirect Taxes and Customs (CBIC).
The scheme of deferred payment of customs duties was first introduced in November 2016 for top importers, certified as Authorized Economic Operators (AEOs).
The facility of deferred payment of customs duties is a part of CBIC’s reform ‘Turant Customs’ which envisages a faceless, contactless and paperless customs environment.The objective here is to enhance the ease of doing business and to bring in more efficiency and improvement in turnaround time, leading to a reduction in the time and costs associated with the Customs clearance process.
