New Delhi: The essential requirement of periodic renewal of licences of customs brokers and authorised carriers, has been removed by the Central Board of Indirect Taxes and Customs (CBIC). This will help in cutting down the compliance burden on trade activities.
The removal of periodical renewal of licences has become effective 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,” a statement issued by the board said.
“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 statement said.
The life-long validity of licenses or registrations is expected to provide a major relief to the trade by reducing their compliance burden, official sources said.