Finance Minister Nirmala Sitharaman has said that we need to have customs simplified for people to feel that it is not cumbersome to comply.
New Delhi: In a significant good news for the country, the central government led by Prime Minister Narendra Modi is preparing major reforms in the Indian taxation system. In a major overall after GST reforms in the country, the government is set to make the customs system more transparent and easier to comply with. In the recent development, Finance Minister Nirmala Sitharaman announced that customs needs a complete overhaul so people and businesses no longer find the process tedious. Here are all the details you need to know about what Finance Minister Nirmala Sitharaman has said on overhaul of customs.
What Sitharaman said on new changes?
In the recent major announcement, has added that the successful changes made in the Income Tax system, like transparency, faceless assessment, and improved administration must now be applied to customs. The focus, she said, is on using technology to reduce official intervention, speed up goods clearance, and eliminate arbitrariness.
What’s next after GST reforms?
During the current financial year, the central government undertook reforms such as rate rationalisation and simplification of the income tax and Goods and Services Tax (GST) in a bid to boost consumption by providing more cash in the hands of the common man.
“We need a complete overhaul of customs… we need to have customs simplified for people to feel that it is not cumbersome to comply… need to make it more transparent,” Sitharaman said while speaking at the HT Leadership Summit here.
There is a need to bring the virtues of income tax to the customs side in terms of transparency, she said, adding that the proposed reforms will be comprehensive and entail customs duty rate rationalisation. The announcements to this effect can be made in the upcoming Budget, likely to be presented on February 1.
(With inputs from agencies)

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