Budget 2011- Exporters to do self-assessment of their duty liabilities

Exporters will be allowed to do self-assessment of their duty liabilities before the customs authorities, besides getting service tax refunds through a hassle-free mechanism. ”To quicken the clearance of the cargo by customs authorities and further modernise the customs administration, I propose to introduce self-assessment in customs,” Finance Minister Pranab Mukherjee said in his Budget speech today.

Under the self-assessment, importers and exporters will themselves assess their duty liabilities while filing their declarations in the Electronic Data Interchange (EDI) system.

“The Department will verify such assessments on a selective system driven basis,” Mukherjee said.

Hailing the step, exporters body FIEO said that it would help in reducing transaction time.

“The move to allow self-assessment both for imports and exports will greatly reduce transaction time and cost,” Federation of Indian Export Organisations (FIEO) President Ramu Deora said.

Related posts:

1. Budget may contain some relief for exporters
2. Customs Modernisation – Self-Assessment to be Introduced
3. Retrospective Recovery of custom duty and interest from exporters proposed in budget by amending DFIA notifications
4. Revision of Excise and Customs Duty Rates and Service Tax Refund to Exporters
5. Stop looking for sops; Mukherjee to exporters