New Delhi, April 21 (IANS) The Central Board of Indirect Taxes and Customs (CBIC) on Tuesday extended the facility given to businesses to import and export goods without furnishing bonds to the Customs authorities till May 15 in view of the extension of the lockdown period till May 3.
Earlier this month, the CBIC had extended similar relaxation till April 30. However, with subsequent extension of lockdown, it was felt that the relaxation needed to be longer to facilitate trade.
As per the revised circular issued on Tuesday, the CBIC said that importers and exporters will need to furnish an undertaking to the Customs authorities, which is required during customs clearance, till May 15. Consequently, the date of submission of proper bond in lieu of which the undertaking is being temporarily accepted is extended till May 30,2020, the circular said.
In addition, the CBIC has said that the undertaking in lieu of bond will have to be submitted by the registered e-mail ID of the Import-Export Code number (IEC) holder or their authorised Customs broker. In addition, customs offices may prescribe uploading of the undertaking on e-Sanchit (e-Storage and Computerized Handling of Indirect Tax Documents) for paperless processing, uploading of supporting documents.
The relaxation will, however, be reviewed at the end of the lockdown period, CBIC said in the circular.
The relaxation has been given by CBIC after exporters brought to notice the problems faced by them to get notarised stamp paper for furnishing bonds during the lockdown.
The undertaking will allow for legalised system of clearing goods by the Customs Department till the time the proper bond could be furnished.