Deferred payment of customs duty for AEO-T2 & AEO-T3 holder and benifits of AEO certification
PrintListen to this Article
## What is deferred duty payment under customs?
Deferred duty scheme allow payment of customs duty post clearance of goods which obviate the need of payment of duty at the time of clearance of the goods,importers certified under Authorized Economic Operator programme as AEO (Tier-Two) and AEO (Tier-Three) are entitled for payment of duty under deferred payment scheme, means option of deferred payment is extended only to AEO-T2 and AEO-T3 certificate holder.
## Intimation for availment of option of deferred payment scheme
An eligible importer shall intimate intention to avail the benefit of deferred payment to the AEO Programme Manager (Director General of export performance) with a copy to the Commissioner(s) of Customs having jurisdiction over the port(s) of clearance.
## Due date for payment under deferred payment scheme (Rule-5 of Deferred Payment of Import Duty Rules, 2016 as amended vide Notification No. 28/2017-Customs (N.T.) dated 31st March, 2017.
| Date of bill of entry | Duty shall be paid |
| 1st day to 15th day of any month. | By the 16th day of that month; |
| 16th day till the last day of any month except march | By the 1st day of the following month. |
| 16th day till the 31st day of March | By the 31st March. |
## How to file Bill of entry for availing the benefits of deferred Payment
The eligible importer who intends to make deferred payment shall indicate the same using flag "D" in the Payment Method column of Bill of Entry filed.
## Who is entitled for AEO CERTIFICATION?
Anyone involved in the international supply chain that undertakes Customs related activity in India can apply for AEO status irrespective of size of the business. These may include exporters, importers, logistic providers (e.g. carriers, airlines, freight forwarders, etc.), Custodians or Terminal Operators, Customs House Agents and Warehouse Owners. Others who may qualify include port operators, authorized couriers, stevedores. The list is not exhaustive.
Small and medium scale enterprises who has filed 25 documents i.e. either Bills of Entry or Shipping Bills during the last financial year is also entitled for AEO.
What is AEO (Authorized Economic Operator
Under AEO progrmme three certification (AEO-T1, AEO-T2,AEO- T3) for importer and exporter and one other certificate namely (AEO-LO certificate) will be issued for other than importer and exporter such as Logistics Providers, Custodians or Terminal Operators, Customs Brokers and Warehouse Operators.
## AEO is applicable to OLD Company or new company
The applicant should have business activities for at least three financial years preceding the date of application.
Category : Custom | Comments : 0 | Hits : 2201
Central Board of Indirect Tax & Customs has made certain changes with regard to Prosecution of Foreign Nationals for the offences covered under the Customs Act, 1962 involving Foreign Currency vide Circular No.12/2019-Customs dated 24th May, 2019. The aforesaid changes is attributed to increase in the instances of foreign nationals not found available at the time of trial of the case after getting bail from Indian authorities and the authorities were also reportedly faced difficulties ...
## What is AEO (Authorized Economic Operator?) AEO is facilitation scheme i.e. holder of this certificate is entitled for certain privilege, benefits and exemption on account of import and export, In India, AEO certification is Three-Tier AEO (T1, T2, T3).This three tier certification is launched by Indian Customs Circular No. 33/2016 dated 22th July, 2016 (in suppression of Circulars No. 42/2005 dated 24.11.2005- old ACP scheme and Circulars No. 28/2012-Customs dated 16.11.2012- old AEO program...
Objective: In order to do ease export of the goods, now sealing for export will be electronic in absence of the CBEC official. Presence of the Superintendent of GST is not required for sealing of export container only intimation would be suffice with effect from 01st October 2017. Exporter Responsibility: -To inform the details of the premises (factory or warehouse or any other place), where container stuffing is to be carried out, to the jurisdictional customs officer. -The exporter should be r...
What are the Opportunities for CA's under the new era of RERA: 1. Project Registration 2. Quarterly returns (Project status & diagnostic) 3. Project Extension request 4. Project Withdrawal request 5. Certifying cost of the project and certifying amount to be withdrawn from Escrow account of the project & others 6. Audit of each project within 6 months from the completion of project 7. Representing before authority & Appellate Tribunal for developerAdvise on regulations
Checklist for RERA project registration Gov Registration fees – Rs.10/sq m subject to minimum Rs.50,000/- and maximum Rs.10,00,000/- - Payable by way of NEFT/RTGS/any other digital way Bank charges – As applicable Penalty – As high as upto 10% of cost of project Information and documents as required from promoter for - • Basic details – PAN card, Aadhar card, Fathers Name, Photo, Contact details (mail id and phone number) of promoter & all directors/partners...
Comments