FIEO hails benefits for new SEZ units, Customs Single Window Project

New Delhi, Feb 29 (KNN) The General Budget 2016-17 proposes to reduce the cargo release time and transaction costs of Exim trade. It also proposes to implement Indian Customs Single Window Project at major ports and airport.

In the Budget, it has also been proposed to provide the benefit of section 10AA to new SEZ units which commence activity before 31.3.2020

Reacting to this, apex industry body for exporters, FIEO, talking to KNN, hailed the announcements.

“We are happy that our two major demands – continuing benefits to new SEZ units and Single Trade Portal,” said Ajay Sahai, Director General of Federation of Indian Export Organization (FIEO).

He said that, “By and large the government has accepted some of the demands of the exporters. The Budget is mainly focused on rural areas and social sector,” he added.

While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Arun Jaitley said, “Government of India has taken steps to reduce the cargo release time and transaction costs of EXIM trade.”

Jaitley also proposed to amend the Customs Act so as to provide for deferred payment of customs duties for importers and exporters with proven track record.

Indian Customs Single Window Project would be implemented at major ports and airports starting from beginning of next financial year.

Also, customs baggage for international passengers are simplified as filing of baggage declaration will be required only for those passengers who carry dutiable goods. (KNN Bureau)