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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New EDI System ICES 1.5 Enhances Trade Facilitation with Electronic Interest Collection and Provisional Assessment Finalization.</h1> The circular announces new facilities in the EDI System ICES 1.5 to enhance trade facilitation. It introduces electronic generation and collection of interim interest for warehoused goods, addressing issues with manual interest collection. A new option allows generating supplementary challans for short payments due to interest accrual during e-payment, preventing payment rejection. Provisional assessments will now be finalized electronically, with the Assessing Officer and AC/DC roles handling approvals. Changes in duty amounts will prompt challan generation for differential payments. The system will now only select finalized Bills of Entry for post-clearance audit. Stakeholders are advised to utilize these features.
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