Government merges 31 customs duty exemptions for ease of business
India’s finance ministry consolidated 31 separate customs duty exemptions into a single document to streamline business operations. The Central Board of Indirect Taxes and Customs combined rules covering renewable energy, metals, fertilizers, agriculture, pharmaceuticals, and electronic components into a single framework, effective November 1.
The consolidated notification eliminates duplicate requirements while maintaining existing benefits for importers and exporters. Officials amended key customs rules to align procedures with the goods and services tax system and current budget policies.
The board approved automatic registration of bank accounts linked to importer codes at multiple customs locations if already cleared at one site. The technology upgrade reduces paperwork and transaction costs for traders operating across different ports and border crossings.
