A Detailed Information About eSANCHIT

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The concept of GST was introduced successfully in 2017, and now the Central Board of Indirect Taxes and Customs (CBIC) is launching stringent systems that will improve how trading is done. The idea is to ensure that the process is as simple and accountable as possible. Clarity and transparency are key for any type of import and export trading transactions. SWIFT and eSANCHIT are two such systems that were introduced in India to facilitate simple and easy international trading.

eSANCHIT
SWIFT stands for Single Window Interface for Facilitating Trade. It was introduced to simplify and speed up the trading process. The concept is to have a single operation to complete the entire operation, therefore termed “Single Window”. Its entire goal was to minimize the interface with different government authorities to save money and time. eSANCHIT is a crucial portion of the SWIFT processes.

Let’s get into the nitty gritty of eSANCHIT, the list of supporting documents, and estonia phone number list how to upload them on the portal.

Defining eSANCHIT
eSANCHIT is simply an e-storage and digitized alternative to handle tax documents indirectly. It is a crucial component of the SWIFT initiative and was introduced to enable the processing of documents without paper. eSANCHIT also reduced the number of interfaces that needed to be made with different government bodies for processing a transaction. It is a platform that enables any trader to upload all the supporting documents virtually to get customs clearances. It completely erases the need for a trader to approach Participating Government Agencies (PGAs) to gain these permits. To put it into simple words, eSANCHIT makes the complete process of clearing a consignment contactless and paperless.