India has a gross domestic product which is expanded at the rate of 8.80 percent as reported in the last quarter. Investing in India will not only make the country grow, but will also improve the business of the investors. Customs data of traders provided by designated organizations inform the prospective customers about the custom duty related issues on foreign trade and make trading easy.
Customs data is a carefully analyzed database, which is prepared by a government body named central board of excise and customs. This data is composed of details of custom duties and taxes which constitute an important part of trading. While importing and exporting goods the trader has to pay certain taxes, which are levied by government organizations. Customs data eases the process of taxpaying and trading by giving a clear picture to the costumer. The data is also made available online through various websites, which further simplify the entire process. This is accomplished by transferring customs data from all the custom stations in the country to a central server. This data is analyzed and transformed in a form which is easy to understand for the trader to generate reports as per the requirement.
A lot of factors involved come to advantage of the businessman. The customs data ensures proper registration and monitoring of good imported and exported, as each and every nuance is documented in a well organized manner. Information including Name, address, description of good, the custom and excise duty, harmonized code (HS) code, price of the good, is classified into sections. The HS code enables a person to easily access the product information. The clarity of information aids in curbing frauds and facilitating secure cross border movement of goods and services. The online availability of this data has helped easing the burden of the traders by providing a single access point to all the information regarding custom excise duty. The immediate updating of the new rules and reforms online can be done promptly. Online filing of import export declarations is provided along with a facility for checking its status.
The growth of the Indian economy will impact the world economy in a major way. The customs data will be soon used in a rational manner. With globalization, more and more countries will invest their money in India. The transparency of the database will assure the customer of a secure and safe transfer of goods.