This Tax Alert summarizes the recent notifications and circular1 issued by the Central Board of Indirect Taxes and Customs (CBIC) in view of the recent amendments made vide the Finance Act, 2021.
The key changes are:
ICEGATE (https://www.icegate.gov.in/) has been notified as the Common Customs Electronic Portal (Common Portal) for facilitating registration, filing of Bill of Entry (BoE), shipping bills, other prescribed documents and forms, payment of duty and for data exchange with other systems within or outside India.
Time limit for filing BoE is relaxed in case of goods consigned from specified countries arriving at sea port and for all goods arriving at a customs airport or land customs station.
Master Bill of Lading/Master Airway Bill are not required at the time of filing BoE in advance. The details can be updated subsequently on the Common Portal by the importer and the same will be auto-approved.
Comments
a. The Common Customs Electronic Portal is likely to facilitate faster clearance of goods and ease of doing business.
b. Relaxation provided in respect of timelines to file BoE and non-submission of MBL/ MAWB for advance BoE, may bring much needed relief to the importers.
[1]. Notification Nos. 33-36/2021-Customs (N.T.) dated 29 March 2021 and Circular No.08/2021-Customs dated 29 March 2021
