Customs to facilitate international trade: Nirmala Sitharaman

Finance Minister announced, “We have taken a number of steps in Customs to facilitate international trade. As a result, the import release time declined by 47 per cent to 71 hours at Inland Container Depots, by 28 per cent to 44 hours at air cargo complexes and by 27 per cent to 85 hours at seaports, over the last four years since 2019, when the National Time Release Studies were first started,” she added. Also, By unifying the tax system, she said
“The GST has reduced the compliance burden on trade and industry. As per a recent survey, 94% of industry leaders view the transition to GST as largely positive. She adds that the biggest beneficiary is the consumer as reduction in logistics costs and taxes has helped bring down prices.”