NEW DELHI : The Central Board of Indirect Taxes and Customs (CBIC) has allowed importers to get shipments cleared without executing a bond in view of the lockdown-like restrictions in various parts of the country. Importers could, instead, furnish an undertaking in lieu of the bond for customs clearance and subsequently replace it with a bond by 15 July, CBIC said in a notification on Saturday. Businesses availing various customs duty concessions while importing goods for export production are required to furnish a bond as part of their commitment to meet the export obligation in future years. CBIC has in the last few weeks granted several concessions, including customs duty relief, to medical supplies used in the treatment of coronavirus cases. The government last month exempted basic customs duty and agriculture cess on a host of products, including medical oxygen, oxygen generators and concentrators, ventilators and cryogenic transport tanks.

Source: Mint May 08, 2021 09:11 UTC