Changes in Customs Act have also been proposed relating to the payment of duty and interest. Photo: MintNew Delhi: Tax department has asked officials to start an outreach programme with stakeholders and make systemic changes to implement proposed modifications in Customs Act aimed at de-cluttering ports and enhancing revenue. The Finance Bill 2017 proposes to modify the Customs Act for filing of bill of entry the same day on which the vessel, aircraft or vehicle carrying the goods arrives at a customs station. Tax experts said the earlier practice of importers to file bill of entry as per their convenience was causing administrative issues at customs stations. “This would enable government to collect customs duty in due time and ensure high tax compliance,” said Bhargava.

Source: Mint February 19, 2017 06:56 UTC