CBIC introduces Liberalised Authorised Economic Operator Package for MSMEs
New Delhi: 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.
CBIC introduces Liberalised Authorised Economic Operator Package for MSMEs
New Delhi: 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.