On Wednesday the Central Board of Indirect Taxes (CBIC) notified an amendment made by Central Government for earlier notification of Government of India, Ministry of Finance (Department of Revenue) No. 135/2016-Customs (N.T.), dated the 2nd November 2016 in which the Central Government permits the Importers certified under Authorized Economic Operator programme as AEO (Tier-Two) and AEO (Tier-Three) to make deferred payment of import duty.
The current notification states, “after serial no. (i), the following entry shall be inserted in the earlier notification, namely:- “(ii) Authorised Public Undertaking.” and for the “Explanation” to the said notification, the following “Explanation” shall be substituted, namely:- Explanation: For the purpose of this notification:-
(i) AEO means Authorised Economic Operator ;
(ii) Authorised Public Undertaking means Authorised Public Undertaking, approved by the Directorate of International Customs under the Central Board of Indirect Taxes and Customs.”
This new notification which carries the amendment shall come into force with effect from 19th August 2020.
With Warm Regards,
CL Bureau.
