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Govt may announce steps in Budget to promote e-commerce exports, imports

26 January 2021 –

Finance minister Nirmala Sitharaman will unveil the Budget for 2021-22 on February 1.

The government is expected to announce measures such as extending the facility of bulk clearance for e-commerce imports and exports with a view to promoting the growth of this fast-growing segment, sources said.

They said that as there is a multi-fold increase in the e-commerce sector in the country, a significant volume of products is imported into and exported out of India through this platform and there is a need to find a balance between control and facilitation for the sector.

Currently, importers and exporters are required to submit individual/separate clearance documents for each package with the Indian customs department, which adds cost for traders to conduct business through e-commerce. “With an aim to support the growth of the e-commerce sector, the facility for bulk clearance of import and export is required for e-commerce import and exports. Additionally, a simplified process in case of return shipments would also help in promoting the growth,” one of the sources said.

Finance minister will unveil the Budget for 2021-22 on February 1.

According to exporters, easing of processes for the sector would further help in boosting the country’s outbound shipments.

“Extending the facility of bulk clearance is a good idea. Globally this facility is there. It will help in reducing transaction cost. if it is permitted, it would hugely benefit the e-commerce trade,’ Federation of Indian Export Organisations Director General Ajay Sahai said.

A leather exporter said that the move if announced in the Budget would help promote exports through e-commerce medium.

 

www.business-standard.com/budget/article/govt-may-announce-steps-in-budget-to-promote-e-commerce-exports-imports

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