News Karnataka
Thursday, September 29 2022

CBIC reduces compliance burden by abolishing renewals of licences and registrations

Photo Credit :

New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) has abolished the requirement of periodic renewal of licence and registration issued to Customs Brokers and Authorised Carriers.

This move is expected to help reduce the compliance burden cast on the trade, which had to otherwise file applications and submit numerous documents to renew their licences/registrations.

The changes have been made effective from July 23, 2021.

The net effect of the amendments carried out to the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment Regulations, 2018, is that the existing licenses/registration would have lifetime validity.

Another change that has been introduced is to allow a licensee/registration holder to voluntarily come forward to surrender his licence/registration. 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 persons who mis-declare import or export or wrongly obtain export refunds/incentives and when caught, put the burden on the original licensee/registration holder, a Finance Ministry statement said.

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

The life-long validity of licences/registrations is expected to provide a major relief to the trade by reducing their compliance burden and promoting 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.


Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp