Reetu | Jan 18, 2024 |
CBIC issued Advisory on Updation of changes vide Budget 2024-25 in System
The Central Board of Indirect Taxes and Customs (CBIC) has issued an advisory on the updation of changes vide Budget 2024-25 in the System.
The Union Budget 2024-25 is expected to be presented in Parliament on February 1, 2024. As a result, nominated budget officers from Directory Management sites will update Notifications and Tariff Directories in ICES under the supervision of the Directorate General of Systems, New Delhi, following the presentation of the Budget 2024-25.
Following the presentation of the Budget on 01.02.2024, filing of Bills of Entry (BE) would not be possible from 11:00 hours on 01,02.2024 until the completion of updating all revisions. Section 48 approvals at ICES would similarly be stopped after 11:00 a.m. on February 1, 2024. Aside from BE filing, all other ICEGATE services will operate as usual. Officers will also be able to use the system for other purposes within ICES.
Since Shipping Bill (SB) filing and assessment will continue as usual, in the event of changes in the Export Duty, Export Cess, or other export-related levies in the upcoming Union Budget, it is advised that the respective sites keep track of let Export Orders of the relevant SBs given after February 1st, 2024, until the directory changes are made online.
TIii Any export duty, cess, or other taxes imposed as a result of the adjustments made by the aforementioned Budget should be collected manually.
Further, while processing of BEs filed before 11:00 hours on 1st February 2024 will continue as usual, the field formations should keep a track of Prior Bills of Entry filed before on or before 1st February 2024 for any change of duty liability before giving OOC.
The system will be available for filing and processing of documents (BE) only after suitable updation is made in ICES according to the Budgetary changes. This is generally carried out within 48 hours in association with Directory Management sites and NIC if no substantial new levies are notified in the Budget. Importers/ Customs Brokers and members of the trade may be suitably advised to schedule clearance of their BEs in view timelines as indicated above.
For Official Advisory Download PDF Given Below:
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