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Indian Express
3 days ago
- Business
- Indian Express
Sitharaman calls for speedy closure of investigations, easier GST registration process
Union Finance Minister Nirmala Sitharaman on Friday called for speedy closure of investigations, measures to prevent tax evasion and wrongful input tax credit claims, and underlined the need to make the 'GST registration process easier, seamless, and more transparent' for taxpayers. Chairing a conclave with senior field officers from Customs, Goods and Services Tax (GST) and Central Board of Indirect Taxes and Customs (CBIC), she also stressed on the need for zone-specific action plans to improve upon various parameters such as GST registration, processing of refunds, and handling taxpayers' grievances. The wide-scale evasion under the GST regime, the need to reduce the gap between detection and recovery during investigations featured as the key discussion points in the meeting of officers from the Central. More technology-linked and risk-based compliance measures were also stressed upon during the meeting, officials said. As per the Ministry, GST audit coverage rose to 88.74 per cent in FY 2024-25. Detected GST evasion stood at Rs 2.23 lakh crore in FY25, with voluntary payments totalling at Rs 28,909 crore. Customs and GST officers were asked to undertake analysis on detection and recovery and to seek solutions to reduce the gap between detection and recovery, a statement from the Ministry of Finance said. 'The CBIC was urged by the Finance Minister to expedite the processing of GST and Customs refunds to ensure timely redressal and ease of doing business, especially for MSMEs and exporters,' it said. Officers have been urged to reduce dwell time at seaports, airports, and Inland Container Depots (ICDs) for both imports and exports, with emphasis on faster cargo clearance. The Union Finance Minister also directed the central GST formations to launch targeted awareness campaigns among taxpayers, trade associations, and industry bodies about mandatory documentation required for GST registration, particularly those related to the principal place of business. 'This, the Union Finance Minister emphasised, would help reduce rejections and delays in registration and enable faster processing of applications,' the statement said. Ahead of the conclave, field officers were asked to submit details regarding pending refunds, investigations, adjudications, litigation along with the number of frauds and recoveries. In a series of missives sent to the field officers last week, the CBIC and CBDT had sought detailed information regarding the pendency claims, pending refunds, frauds, investigations and the cases stuck in litigation. The Central Board of Direct Taxes (CBDT) will host a similar session with its field officers on June 23. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Time of India
3 days ago
- Business
- Time of India
Finance Ministry pitches for improving export cargo facilities on ports
New Delhi: A finance ministry report on Friday made a case for improving gate infrastructure including IT systems, scanning facilities, temperature-controlled facilities for perishable export cargo across ports. Also, post-clearance logistics processes need to be improved to achieve faster release time and streamlined movement of cargo. Finance and Corporate Affairs Minister Nirmala Sitharaman released the fifth edition of National Time Release Study (NTRS), a performance measurement tool that provides a quantitative assessment of the time taken for cargo release. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo The NTRS 2025 is the fifth national-level edition of this annual study, conducted using a standardised methodology. It covers 62,981 Bills of Entry (BoEs) for imports and 69,533 Shipping Bills (SBs) for exports filed during the first week of January 2025. The study spans 15 major customs formations, grouped under four categories - Seaports, Inland Container Depots (ICDs), Integrated Check Posts (ICPs), and Air Cargo Complexes (ACCs) - which together account for a significant share of the total BoEs and shipping bills filed across India. Live Events In the import segment, the study said Average Release Time (ART) declined between 2023 and 2025 across seaports (about 6 hours), ACCs (about 5 hours), and ICPs (about 18 hours), while ICDs saw an increase of around 12 hours. Performance against NTFAP 3 targets showed that 93.33 per cent of import cargo at ICPs met the 48-hour target, followed by air cargo complexes (55.03 per cent within 24 hours), seaports (51.76 per cent), and ICDs (43.7 per cent). Export cargo analysis, from arrival to final departure, revealed varied patterns across port categories. Regulatory clearance (arrival to Let Export Order) was fastest at air cargo complexes (under 4 hours) and ICPs (06:10 hours), according to NTRS. At seaports, regulatory clearance averaged 29:36 hours, with post-LEO logistics extending to 157:50 hours. At ICDs, regulatory clearance of exports took 30 hours, with improvement in post-LEO logistics time to 99:51 hours. On facilitating export cargo, the study has made several recommendations, including for reduction of manual documentation processes at port gates and minimising instances of delays in duty payment. "In terms of infrastructure, there is scope for enhanced gate infrastructure (including IT systems), scanning facilities, temperature-controlled facilities for perishable cargo, etc across ports," the study said. Post-clearance logistics processes need to be improved to achieve faster release time and streamlined movement of cargo, it suggested. Regarding imports, the study said post-clearance delays, especially at ICDs, continue to impact overall efficiency, highlighting the need for targeted procedural and operational improvements. The ministry said a key strength of India's TRS lies in its use of accurate and reliable data sourced directly from the Customs Automated System, operated by the Directorate General of Systems and Data Management, CBIC. Over the years, the scope of TRS has significantly expanded. What began as a report measuring release time across select gateway ports went on to include other areas of considerable importance such as transit cargo, courier shipments, and commodity-specific assessments, it said.
Hans India
5 days ago
- Business
- Hans India
From robust manufacturing to FDI inflows, India rising on world stage: Piyush Goyal
New Delhi: Commerce and Industry Minister Piyush Goyal on Wednesday shared some of the major highlights from the Ministry in the past few weeks which include robust manufacturing and rising FDI inflows, among others. Those in the semiconductor and electronics component manufacturing space have a lot to cheer about. 'SEZ reforms have been notified to promote investments and manufacturing. The area required for setting up a factory has been reduced to 10 hectares from the earlier 50 hectares. Moreover, manufacturers have also been allowed to supply domestically after payment of applicable duties,' the minister posted on X social media platform. In good news for leather exporters, especially those in the MSME sector, port restrictions on export of finished, wet blue, and EI tanned leather have been removed, which means they can be exported from any port or Inland Container Depots across the country. Also, mandatory testing and certifications have been removed, informed the minister. 'India is cementing its position as the preferred global investment destination with FDI inflow of $81.04 billion in FY 2024-25, growing by 14 per cent over 2023-24. Manufacturing FDI has grown by 18 per cent during the same period, reaching $19.04 billion, in a big boost to 'Make in India',' said Goyal. All-women Farmers' Producer Company in Odisha gets to send their produce of the famous Amrapali mangoes to Italy, which is 'a big boost for our horticulture exports and a huge opportunity for our farmers to increase their income,' said the minister. The first commercial consignment of Jammu and Kashmir premium cherries heads to Saudi Arabia and the UAE. Farmers now have a huge market open for them to sell their produce and profit. The Production Linked Incentive (PLI) scheme has been a game changer for India's manufacturing sector. 'With the scheme supporting 14 different sectors across industries, several success stories have been scripted since 2020, which are making India globally competitive. driving exports and production and creating significant job opportunities,' said Goyal.
Fibre2Fashion
27-05-2025
- Business
- Fibre2Fashion
India eases export norms for leather sector to boost competitiveness
In a move aimed at enhancing ease of doing business and reducing compliance burdens, India's Directorate General of Foreign Trade (DGFT) has announced major procedural relaxations for leather exporters. Through Notification No. 15/2025-26 dated May 26, 2026, the DGFT has lifted port restrictions, permitting the export of finished leather, wet blue leather, and EI tanned leather from all ports and Inland Container Depots (ICDs). Previously, such exports were allowed only from specified ports. India's DGFT has removed key procedural hurdles for leather exporters. Exports of finished, wet blue, and EI tanned leather are now allowed from all ports and ICDs, and CLRI testing requirements have been scrapped. The move aims to reduce compliance costs, benefit MSMEs, and boost India's export competitiveness in the global leather market following stakeholder consultations. Additionally, the mandatory testing and certification requirement by the Central Leather Research Institute (CLRI) for exporting various processed leather categories has been scrapped. These measures, initially introduced to differentiate between raw and value-added leather, have been deemed redundant following the removal of export duties and clearer distinctions in product types. The decision, made after consultations with the Council for Leather Exports, CLRI, and key stakeholders, is expected to streamline procedures, lower transaction costs, and particularly benefit MSME exporters. It also aligns with India's goal of strengthening its position in the global leather value chain. Fibre2Fashion News Desk (KD)
