Monday, November 29, 2021
Home Business CBIC abolishes licence renewal requirement for customs brokers, authorised carriers

CBIC abolishes licence renewal requirement for customs brokers, authorised carriers

Image Source : PIXABAY

CBIC abolishes licence renewal requirement for customs brokers, authorised carriers

The Central Board of Indirect Taxes and Customs (CBIC) has done away with the requirement of periodic renewals of licence or registration issued to customs brokers and authorised carriers, a move which would reduce compliance burden for trade.

The CBIC has amended the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment Regulations, 2018, to state that all such existing licenses/registration would have a lifetime validity.

“The CBIC has with effect from July 23, 2021, abolished the requirement of periodic renewals of Licence/Registration issued to Customs Brokers and Authorised Carriers.

“This would greatly help reduce the compliance burden cast on the trade, which had to otherwise make applications and submit numerous documents to renew their licenses/registrations,” an official statement said.

The life-long validity of licenses/registrations is expected to provide a major relief to the trade by reducing their compliance burden and promoting the Ease of Doing Business in India.

Removing the requirement of seeking periodic renewals also reduces the interface between the Customs and the trade, which is a deliverable of the CBIC”s ”Contactless Customs” initiative, a critical component of its flagship Turant Customs programme, it added.

Further, the amendments also provide that the licensee/registration holder can voluntarily come forward to surrender his license/registration if s/he wishes. Also, a provision has been made to invalidate licences/registrations that are inactive for more than a year.

“These steps would prevent misuse of dormant licences/registrations by unscrupulous person who misdeclared import or export or wrongly obtain export refunds/incentives and when caught, put the burden on the original license/registration holder.

“At the same time, the interest of the genuine trade is safeguarded by empowering the Commissioners of Customs to revalidate the licence/registration in case the inactivity is for genuine reasons,” the CBIC added. 

ALSO READ: How e-invoice can help manage businesses remotel

Latest Business News

Source link


No proposal to recognise Bitcoin as a currency, FM Nirmala Sitharaman says in a reply to Lok Sabha

New Delhi: The government has no proposal to recognise Bitcoin as a currency in the country, Finance Minister Nirmala Sitharaman said in a...

star health: IPO boom: All you need to know about Star Health and Tega Industries IPOs – Times of India

Two companies Star Health and Allied Insurance Company and Tega Industries will float their initial public offerings (IPOs) this week to collectively raise...

Sensex drops 585 points to 56,521 in early trade, Nifty sheds 191 points too 16,835

Key stock indices Sensex and Nifty declined by more than 1 per cent in the early trade on Monday due to deep losses...


Please enter your comment!
Please enter your name here

- Advertisment -stock market course

Most Popular

Radio 4’s Today programme temporarily drops off air

"Despite that noise you may have heard saying there was an emergency, as far as we can tell there wasn't actually an emergency,"...

bill: Why is government shying away from discussion on farm laws repeal bill, asks Congress | India News – Times of India

NEW DELHI: The Congress on Monday attacked the government over the passage of the farm laws repeal bill in the Lok Sabha without...

Oppo Foldable smartphone: Key specs of Oppo’s first foldable smartphone leaked – Times of India

Rumours around Oppo’s first foldable smartphone have been in circulation for quite some time now. Although the company has...

Recent Comments

%d bloggers like this: