The Central Board of Indirect Taxes and Customs (CBIC) announced new relaxations for Customs Cargo Service Providers (CCSPs) on Friday. By enhancing trade efficiency and reducing logistics costs these measures are aimed at improving the ease of doing business, aligning with India’s goal to strengthen its position in global trade.
The new rules include a reduction in mandatory insurance days for stored goods. Under the previous regulations, CCSPs were required to insure goods stored in customs areas for 10 days. This has now been reduced to 5 days, significantly lowering insurance costs and freeing up cash flow for service providers, according to the CBIC statement.
Additionally, the CBIC has withdrawn the license renewal process for well-established CCSPs with Authorized Economic Operator (AEO) status. Under the updated guidelines, compliant CCSPs meeting international standards will no longer need to renew their licenses under the Handling of Cargo in Customs Areas Regulations, 2009.
Instead, their licenses will be linked directly to their AEO authorization. This change aims to recognize and ease compliance for high-standard operators, enhancing the business environment for logistics operators.
These regulatory updates are part of the government’s broader efforts to reduce operational costs and streamline compliance requirements for the logistics sector. By addressing the needs of CCSPs, who are integral to managing imported and exported goods, these changes are expected to improve India’s trade competitiveness.
The CBIC highlighted that these initiatives align with the objectives of the PM Gati Shakti National Master Plan, which seeks to enhance logistics infrastructure and efficiency in global trade to support sustainable development. By reducing logistical and compliance burdens, these measures aim to bolster India’s role in the global market.
METAL WORLD | Turkish Industries Urge Reassessment of Anti-Dumping Duties on Steel Imports
