CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
Central Board of Indirect Taxes and Customs (CBIC) on Wednesday said it will now electronically disburse duty drawback amounts directly to exporters' bank accounts using the PFMS platform, a move which will increase transparency and will improve efficiency of the process.
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The payment of duty drawback amounts into the exporters' accounts will be facilitated through the Public Finance Management System (PFMS) automatically.
This feature will be initiated with immediate effect, the finance ministry said in a statement.
PFMS, which is developed and implemented by the Controller General of Accounts, has played a pivotal role in revolutionising the financial administration of the government.
PFMS is used for Direct Benefit Transfer (DBT) as well.
Earlier duty drawback rebates process was time consuming due to paperwork.
«The CBIC continues to play a key role in India's efforts to improve ease of doing business through trade facilitation and having fully implemented the WTO Trade Facilitation Agreement (TFA), CBIC now aims to undertake next generational Trade Facilitation reforms adopting the TFA plus approach,» the statement added.
Experts say this will be a significant leap towards enhancing transparency and efficiency in trade facilitation.
«By leveraging technology to streamline the process, CBIC
