Introduction: In a significant development, the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, has issued Notification No. 69/2023-Customs (N.T.) dated September 27, 2023. This notification brings forth an amendment to the Customs Act, 1962 (52 of 1962), specifically focusing on extending the exemption for deposits into the Electronic Customs Ledger (ECL). The amendment extends this exemption until November 30, 2023.
Background and Purpose of the Amendment: The amendment, made under the powers conferred by sub-section (4) of section 51A of the Customs Act, 1962, is deemed necessary and expedient. It pertains to amending the previous notification No. 18/2023-Customs (N.T.) dated March 30, 2023. This amendment specifically targets para 2 of the said notification. In para 2, the amendment substitutes the earlier date of ’30th September, 2023′ with ’30th November, 2023.’ This change effectively extends the exemption period for deposits into the Electronic Customs Ledger (ECL).
Significance of the Amendment: The extension of the exemption period until November 30, 2023, carries several implications:
- Relief for Importers: Importers who were subject to deposit requirements for customs transactions will continue to enjoy relief from these deposits for an extended period.
- Business Continuity: This amendment ensures the smooth continuation of customs-related transactions without the financial burden of mandatory deposits until the end of November 2023.
Conclusion: The amendment introduced through Notification No. 69/2023-Customs (N.T.) extends the exemption period for deposits into the Electronic Customs Ledger (ECL) until November 30, 2023. This amendment is a welcome relief for importers and businesses, ensuring that they can continue their customs-related transactions without the financial burden of mandatory deposits for an extended duration.
Ministry of Finance
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 69/2023-Customs (N.T.) | Dated: 27th September, 2023
S.O. 4253(E).— In exercise of the powers conferred by sub-section (4) of section 51A of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs, on being satisfied that it is necessary and expedient to do so, hereby makes the following amendments to the notification No.18/2023-Customs (N.T.) dated the 30th March, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide S.O. 1528 (E), dated the 30th March, 2023, namely, –
In the said notification, in para 2, for the words, ’30th September, 2023′, the words ’30th November, 2023′ shall be substituted.
[F. No. 442/02/2017-Cus IV(Pt)]
RADHE KRISHNA, Under Secy.
Note: The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide notification no. 18/2023–Customs (N.T.), dated the 30th March, 2023, vide number S. O. 1528 (E), dated the 30th March, 2023 and was amended by notification no. 31/2023-Customs (N.T.) dated the 26th April, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 1935(E), dated the 26th April, 2023 and notification no. 49/2023-Customs (N.T.) dated the 30h June, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 2831(E), dated the 30th June, 2023.
