Single Window Interface for ease in Trading (SWIFT), SWIFT (Single Window User Interface for Facilitating Trade) clearances is facility presented by the Central Board of Import Tax and Customs (CBEC) vide news release dated 1 st April2006 This initiative is carried out in line with budget plan statement made by the Honourable Financing minister with respect to ‘Relieve of doing business.
What is SWIFT (Single Window User Interface for Facilitating Trade)
SWIFT clearances describe the initiative paid for by CBEC, which makes it possible for importer or exporter to file a typical electronic return, referred to as ‘Integrated Statement’. This statement is filed on ICEGATE portal.
What details requirement does SWIFT statement cover
SWIFT statement complies with all obligatory details requirements of following departments or agencies
- FSSAI (Food Safety and Standards Authority of India)
- Plant Quarantine
- Animal Quarantine
- Drug Controller
- Wild Life Control bureau
- Fabric Committee
SWIFT declaration is to be submitted in place of nine different forms required by the above agencies.Bill of entry would be replaced by ‘Integrated Customs Electronic Statement’ (ICE declaration.
What else does SWIFT cover
Along with SWIFT statement, CBEC has likewise rolled out Integrated Danger Management facility for PGAs (Partner Federal Government Organizations).
Basic features of SWIFT
Benefits of SWIFT facility
- Ease of operating by assisting in typical statement filing
- Decreased costs of filing separate returns as well as maintaining required data for 9 separate returns
- Boosted Transparency due to single window interface.
- Lowered redundancy due to one statement in place of 9 separate returns under various companies
- Reduced expenses of compliance due to minimized duplication
- Ideal usage of resources
- Actual time consistent online messaging facility in between various authorities like ICD (Inland Container Depot), FSSAI (Food Security and Standards Authority of India) etc.
Implication of ease of doing business with the intro of SWIFT
Trading across borders is marked with time required for all the formalities of border compliance.Lets compare the time considered compliance activities in below table
|Activity||India||OECD (Company for Economic Co operation and Development)|
|Border compliance for imports||311 hours||9 hours|
|Documentary compliance||67 hours||4 hours|
|Approximate expense of border and documentary compliance||$ 695||$ 148|
So it can be quickly seen that Border as well as documentary compliances in India is much time taking and much expensive.Hence, India is ranked at 133 th place with regard to relieve of working.
With the brand-new effort of helping with ease of trading, SWIFT has actually been introduced with an intention that it will minimize the times taken and cost incurred on border compliance.
This is definitely an action towards enhancing trade facilitation, which is anticipated to lower the time needed for clearances and costs sustained on border compliances as well. This facility is expected to get fantastic welcome from importer and exporter as they will be relieved from redundant type filing and will attain quick clearances.
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