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Lockdown effect: CBIC extends facility of import, export without furnishing bonds to Customs till May 15

Lockdown effect: CBIC extends facility of import, export without furnishing bonds to Customs till May 15

The Central Board of Indirect Taxes and Customs (CBIC) on Tuesday extended the deadline to import and export goods without furnishing bonds to the Customs authorities by a fortnight till May 15, a move aimed at facilitating trade during the COVID-19 lockdown. In a circular, the CBIC said businesses will, however, have to furnish proper bond to the Customs authorities by May 30 for import and exports done through undertaking till May 15.

In view of the lockdown, the apex indirect tax body had earlier set end April as the date for import and exports by issuing undertaking. In view of the extension of lockdown till May 3, the trade facilitation measure has now been extended till May 15.

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