FM Sitharaman: Customs overhaul next big reform priority

• FM Nirmala Sitharaman announced a complete overhaul of the customs system as her next major reform priority.
• The reform aims to simplify, clarify, and increase transparency in customs to ease business compliance.
• Sitharaman compared this initiative to past income tax reforms that addressed administrative complexities and "tax terrorism."
• The overhaul will include reviewing and reducing customs duties on items currently above optimal rates.
• A key challenge is balancing smoother processes with preventing illegal goods, potentially through comprehensive scanning.

Why It Matters: Major customs reform will simplify trade and ease business operations.