CBIC HAS ESTABLISHED A SIMPLIFIED REGULATORY FRAMEWORK FOR E-COMMERCE JEWELLERY EXPORTS THROUGH COURIER MODE.

On 30 June 2022, the Central Board of Indirect Taxes and Customs (CBIC) established a Standard Operating Procedure outlining a streamlined regulatory framework for e-commerce exports of jewellery by courier.

Based on electronic declarations, the SOP specifies the processing, transportation, and procedural elements of such exports through International Courier Terminals. The framework takes into account the necessity for consistent action by Customs, which provides assurance for commerce. It also meets a particular demand of the e-commerce Ecosystem for the re-import of rejected items in certain circumstances and to the specified amount.

Union Finance Minister Smt. Nirmala Sitharaman announced the introduction of a streamlined framework in this year’s Budget address. Before drafting the SOP, the CBIC conducted extensive discussions with stakeholders, including industry groups, members of the trade, e-commerce operators, authorised couriers, and customs field formations. A transition time of one month has been established. The first phase starts with exports through Bengaluru, Delhi, and Mumbai.

To read full article, click on the link below:

Link for SOP:  CBIC Circular No 09/2022-Customs dated 30.06.2022

For any query/registration/advisory related to GST, Company, Taxation laws, and Updates, Kindly visit www.onfiling.com

Contact: +91 9599935573

E-mail: info@onfiling.com

Please follow and like us:

Leave a Comment