CBIC notifies Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022

The Central Board of Indirect Taxes and Customs (CBIC) has recently notified the Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022.

In exercise of the powers conferred by section 157 read with section 149 of the Customs Act, 1962 (52 of 1962), the Board, made the regulations.

The notification stated that the application for conversion shall be filed in writing within a period of one year from the date of order for clearance of goods under sub-section (1) of section 51 or section 69 of the Act, as the case may be. 

The notification further added the provisos which states that the jurisdictional Commissioner of Customs, having regard to the circumstance under which the exporter was prevented from applying within the said period of one year, may consider and decide, for reasons to be recorded in writing, to extend the aforesaid period of one year by a further period of six months.

Provided further that the jurisdictional Chief Commissioner of Customs, having regard to the circumstances under which the exporter was prevented from applying within the said period of one year and six months, may consider and decide, for reasons to be recorded in writing, to extend the said period of one year and six months by a further period of six months.

It is further notified that the conversion of shipping bill and bill of export shall be subject to the conditions and restrictions which are: fulfilment of all conditions of the instrument based scheme to which conversion is being sought; the exporter has not availed benefit of the instrument based scheme from which conversion is being sought.

No condition, specified in any regulation or notification, relating to presentation of shipping bill or bill of export in the Customs Automated System, has not been complied with; no contravention has been noticed or investigation initiated against the exporter under the Act or any other law, for the time being in force, in respect of such exports; the shipping bill or bill of export of which the conversion is sought is one that had been filed in relation to instrument based scheme.

click Here To Read the Notification

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