TMI BlogCBIC reduces compliance burden by abolishing renewals of licenses/registrationsX X X X Extracts X X X X X X X X Extracts X X X X ..... CBIC reduces compliance burden by abolishing renewals of licenses/registrations - News and Press Release Dated:- 26-7-2021 - News - The Central Board of Indirect Taxes and Customs (CBIC) has w.e.f. 23.07.2021 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 tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade, which had to otherwise make application and submit numerous documents to renew their licenses/registrations. 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 a lifetime validity. Another change that has been introduced is to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allow a licensee/registration holder to voluntarily come forward to surrender his license/registration if s/he wishes. Also, a provision has been made to invalidate licences/registrations that are inactivity for more than a year. These steps would prevent misuse of dormant licences/registrations by unscrupulous person who misdeclare import or export or wrongly obtain export refunds/incentives and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 life-long validity of licenses/registrations is expected to provide a major relief to the trade by reducing their compliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... burden and promoting the Ease of Doing Business in India. Removing the requirement of seeking periodic renewals also reduces 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. Ref. Notifications - Customs Brokers Licensing (Amendment) Regulations, 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sea Cargo Manifest and Transhipment (Fifth Amendment) Regulations, 2021 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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