Sitharaman Signals Landmark Customs Overhaul: Simpler Trade, Faster Clearances

• Finance Minister Nirmala Sitharaman announced a major overhaul of India's customs framework, aiming for a simpler, more transparent system and duty rate rationalization.
• Industry seeks structural reforms to reduce costs, minimize delays, and correct inverted duty structures that hinder domestic manufacturing.
• Key proposals include accelerating digitization of trade schemes, establishing a unified single-window system, and introducing an amnesty scheme for customs disputes.
• Experts recommend rationalizing show-cause notice limitation periods, phasing out the SVB mechanism, and harmonizing customs valuation with transfer pricing.
• The reform aims to boost India's competitiveness, support "Make in India," attract investment, and integrate the country deeper into global value chains.

Why It Matters: India's customs overhaul aims to make trade easier, cheaper, and more competitive.