LI Network
Published on: January 22, 2024 at 10:29 IST
In a significant announcement, the Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for the exemption from deposits for specified goods under Section 51A(4) of the Customs Act until March 01, 2024.
Previously, the cutoff for the exemption from deposits for specified goods under Section 51A(4) of the Customs Act was set until January 20, 2024.
This extension of the exemption applies to various categories, including goods imported or exported in customs stations where automated systems are not in place, accompanied baggage, and deposits not utilized for the payment of customs duty, including cesses, surcharges, integrated tax, Goods and Service Tax Compensation Cess, as well as interest, penalty, fees, or any other amount payable under the Customs Act, 1962, or the Customs Tariff Act, 1975.
This exemption has been granted by the CBIC, exercising its powers as per sub-section (4) of Section 51A of the Customs Act, 1962, deeming it necessary and expedient. Businesses and stakeholders are encouraged to take note of this extension to ensure compliance with the revised deadline.
