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CBIC introduces Liberalised Authorised Economic Operator Package for MSMEs
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SME Times News Bureau | 07 Jan, 2021
The Central Board of Indirect Taxes and Customs (CBIC) has introduced a
new scheme for Micro, Small and Medium Enterprises (MSMEs) that will
enable swift customs clearance of consignments with the option of
deferred payment duties.
The 'Liberalised MSME AEO Package' has
been introduced with specific objective of facilitating this important
segment of the trade, that is also among the worst affected during the
current pandemic.
Under the package, MSMEs, which become
Authorised Economic Operators (AEOs), will avail various benefits
including relaxed compliance criteria on the condition that units have a
valid certificate from their line-Ministry.
The relaxed
requirements allow MSMEs who have filed minimum 10 Customs clearance
documents in one year and who have a clean compliance record over two
years to apply for the scheme. The documentary requirements have also
been simplified.
Another feature is that the CBIC will decide on
an application for grant of AEO status within only 15 days from
electronic submission of complete documents for AEO Tier T1. Additional
benefits, like further reduction in bank guarantee requirements, have
been introduced for MSMEs, and will be expanded subsequently.
CBIC's
flagship "Liberalised MSME AEO Package" scheme is a voluntary
compliance programme which enables swifter customs clearance for
accredited stakeholders in the global supply chain viz. importers,
exporters, logistic service providers, custodians etc.
The
approved AEOs derive various benefits such as, inter alia, the facility
of direct port delivery (DPD) of imported containers, direct port entry
(DPE) of their export containers, high level of facilitation in customs
clearance of their consignments thereby ensuring shorter cargo release
time, exemption from bank guarantees, priority for refund/rebate/ duty
drawback, as well as a client relationship manager at the customs port
as a single point of interaction.
Another benefit available to
specified AEOs is that their payment of Customs duty is deferred and
need not to be paid before the clearance of the imported goods by
Customs. An added advantage for Tier 2 AEOs is that their exports to
certain countries are accorded facilitation by the foreign Customs
administration with whom India enters into a Mutual Recognition
Agreement/Arrangement.
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