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Last Updated : Feb 17, 2020 04:41 PM IST | Source: PTI

Customs dept starts capturing district level data of goods exports

The information would now also capture declarations by exporters intending to avail benefits India's under free and preferential trade agreements with partner countries.

Representative image
Representative image

The revenue department has started capturing district-wise data of goods exports, a move aimed at helping policy makers take data-driven decisions to boost outwards shipments. This is being done to achieve the objective of turning districts into export hubs, the Central Board of Indirect Taxes and Customs (CBIC) said in a statement on Monday.

"This additional information from the export declarations will provide a key statistical input to policy makers on the importance of each district for exports and will help in aligning the policies to enhance local capacity," it said.

The information would now also capture declarations by exporters intending to avail benefits India's under free and preferential trade agreements with partner countries.

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This would provide critical data on the gains being made by Indian exporters under FTAs/PTAs and help the government align India's foreign trade policy in the nation's best interests, the CBIC said.

Further, CBIC has now made it mandatory that every GST registered importer and exporter must declare their GSTIN on the import and export declarations.

This will not only help taxpayers claim the ITC credit and IGST refunds but also in combatting frauds.

The data collected will help policy makers take data-driven decisions, the CBIC added.

India's exports dropped by 1.66 per cent to USD 25.97 billion in January, the sixth straight month of contraction, on account of a significant fall in shipments of petroleum, plastic, carpet, gems and jewellery, and leather products.

Imports also fell for the eighth consecutive months, down 0.75 per cent to USD 41.14 billion in January, widening the trade deficit to a seven-month high of USD 15.17 billion.

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First Published on Feb 17, 2020 04:35 pm
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