New CBIC norm eases compliance for importers and customs officials alike

New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) has consolidated 31 separate customs duty notifications into a single comprehensive document, improving compliance clarity for importers and customs officers.The new notification, effective November 1, retains existing benefits and duty exemptions, organising them into a unified, structured format. Importers, exporters and customs brokers will now need only one notification instead of consulting multiple notifications.This development, while technical in nature, is expected to improve the ease of doing business by streamlining customs procedures and avoiding duplication or conflicting serial references for businesses.The notification has omitted, substituted and amended certain obsolete serial numbers for clarity and uniformity.It carries updated effective agriculture infrastructure development cess (AIDC) rates and tariff references for goods such as tyres, gold, motor vehicles, measuring instruments, toys and aircraft components.The notification has also revised the definition of 'nominated agency' and added three banks - Yes Bank, Indian Overseas Bank and Union Bank of India - and Handicraft and Handlooms Exports Corporation of India Ltd, MSTC Ltd and Diamond India Ltd as eligible entities for duty-free imports of gold, silver and platinum."This is a trade-friendly measure," CBIC said in frequently asked questions (FAQs) posted on its website Saturday. "Instead of referring to 31 separate notifications, the exemptions/concessional rates contained in these 31 notifications are now available in this single notification."