BUSINESS

Government Abolishes Periodic Licence Renewal of Customs Brokers


Government Abolishes Periodic Licence Renewal of Customs Brokers

Government has executed away with periodic renewal of customs brokers’ licences

The important requirement of periodic renewal of licences of customs brokers and authorised carriers, has been eliminated by the Central Board of Indirect Taxes and Customs (CBIC). This will assist in chopping down the compliance burden on commerce actions.

The removing of periodical renewal of licences has turn into efficient from July 23, 2021 onwards.

“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 or registration would have a lifetime validity,” an announcement issued by the board stated.

“The CBIC has with effect from July 23, 2021, abolished the requirement of periodic renewals of licence or 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 or registrations,” the official assertion stated.

The life-long validity of licenses or registrations is predicted to offer a serious aid to the commerce by decreasing their compliance burden, official sources stated.




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