What is SWIFT (Single Window Interface for Facilitating Trade)
SWIFT clearances refer to the initiative afforded by CBEC, which enables importer or exporter to file a common electronic return, known as ‘Integrated Declaration’. This declaration is filed on ICEGATE portal.
What information requirement does SWIFT declaration cover
SWIFT declaration complies with all mandatory information requirements of following departments or agencies
CustomsFSSAI (Food Safety and Standards Authority of India)Plant QuarantineAnimal QuarantineDrug ControllerWild Life Control bureauTextile Committee
SWIFT declaration is to be filed in place of nine separate forms required by the above agencies.Bill of entry would be substituted by ‘Integrated Customs Electronic Declaration’ (ICE declaration.
What else does SWIFT cover
Along with SWIFT declaration, CBEC has also rolled out Integrated Risk Management facility for PGAs (Partner Government Organizations).This facility provides for selection of consignments by agencies on the basis of risk management principle rather than random selection of cases. This has already facilitated 70% of import cargo.
Basic features of SWIFT
It will provide for customs single point clearances of import goods.SWIFT will ensure security and convenience by enabling online filing.It will reduce documentation efforts and costs along with cost of clearances.It encourages paperless clearances which will enhance transparencyIt will save time and improve ease of doing business, thereby attracting international business to invest in India.
Benefits of SWIFT facility
Ease of doing business by facilitating common declaration filingReduced costs of filing separate returns as well as maintaining required data for 9 separate returnsEnhanced Transparency due to single window interface.Reduced redundancy due to one declaration in place of 9 separate returns under different agenciesReduced costs of compliance due to reduced duplicationOptimal utilization of resourcesReal time consistent online messaging facility between various authorities like ICD (Inland Container Depot), FSSAI (Food Safety and Standards Authority of India) etc.
Implication of ease of doing business with the introduction of SWIFT Trading across borders is marked with time required for all the formalities of border compliance.Lets compare the time taken for compliance activities in below table So it can be easily seen that Border as well as documentary compliances in India is much time taking and much expensive.Hence , India is ranked at 133th place with respect to ease of doing business. With the new initiative of facilitating ease of trading , SWIFT has been introduced with an intention that it will reduce the times taken and cost incurred on border compliance. Conclusion This is definitely a step towards enhancing trade facilitation , which is expected to bring down the time required for clearances and costs incurred on border compliances as well. This facility is expected to receive great welcome from importer and exporter as they will be relieved from redundant form filing and will achieve quick clearances. Recommended Articles
Income Tax Raids, Notices, AssessmentsITR FormsIncome Tax – Sources, Basics & Important ConceptsIncome Tax Due DatesTax on KBC, Online Games, Lottery and Showsincometaxefiling
