Economy

CBEC’s authorised economic operator programme takes wings

Our Bureau New Delhi | Updated on March 12, 2018 Published on July 18, 2012

The Central Board of Excise and Customs (CBEC) has awarded the first set of authorised economic operator (AEO) certificates to three different entities.

The AEO certificates were handed out to LG Electronics, Ennore Container Terminal and IBM by the CBEC Chairman, Mr S.K. Goel, at a function held at New Customs House here today.

Under AEO programme, approved economic operators are given preferential treatment in terms of faster clearance and less physical inspections along with other benefits subject to their conformance of prescribed security standards and compliance with tax laws.

India has now developed an AEO programme consistent with World Customs Organisation (WCO) SAFE framework of standards. The development of Indian AEO programme was started on pilot basis in August 2011 and is applicable to all economic operators such as importers, exporters, logistic service providers, customs house agents, warehouse owner etc.

On the occasion, Mr Goel also launched CBEC’s interactive customs tariff Web site.

TAX MOP UP

For the first quarter ended June 2012, the Centre’s indirect tax collections has recorded 13.8 per cent increase at Rs 1.07 lakh crore.

While Customs duty collections grew 12.2 per cent to Rs 38,700 crore, excise duty collections were up 29.8 per cent to Rs 41,100 crore. Service tax collections in the first quarter increased 40.8 per cent to Rs 28,100 crore.

Meanwhile, Mr Goel hinted that CBEC may pursue legal recourse against Kingfisher Airlines to recover service tax dues, estimated at about Rs 50 crore. The CBEC could issue a show cause notice against the private carrier or could even go to the court of law, Mr Goel said.

> krsrivats@thehindu.co.in

Published on July 18, 2012
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