SOURCE: Economic Times
CBIC Allows Goods
The Central Board of Indirect Taxes and Customs (CBIC) allowed businesses to import and export goods without providing customs authorities with bonds until June 30, a move aimed at ensuring that EXIM trade is not delayed or disrupted as a result of COVID-19. The CBIC stated in a circular that importers and exporters will be required to provide an undertaking to Customs authorities in lieu of the bonds until June 30.
In light of the difficulties faced in the ongoing lockdown/constraints imposed in various parts of India, the indirect tax body said it has received representation from traders to accept undertakings in lieu of bonds in certain cases of Customs clearance.
The CBIC said it has approved a relaxation of the requirement to submit bonds in order to speed up customs clearance of goods and maintain a balance between customs control and legitimate trade facilitation.
The Board has decided to reinstate the Customs formation’s ability to accept an undertaking in lieu of a bond… until June 30, 2021. “By July 15, 2021, importers/exporters who use this facility must ensure that the undertaking provided… is duly replaced with a proper bond,” the CBIC stated in a circular.
In the aftermath of the COVID pandemic last year, the CBIC allowed businesses to import and export goods without having to provide customs authorities with bonds.
According to AMRG & Associates Senior Partner Rajat Mohan, due to the pandemic’s resurgence, customs has eased certain customs procedures once again. “These measures would facilitate international trade while also ensuring the continuation of business operations,” Mohan said.
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CBIC Allows Goods CBIC Allows Goods