On February 22, 2022, the Central Board of Indirect Taxes and Customs notifies Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022 in order to prescribe manner, time limit, conditions and restrictions in certain cases related to post–export conversion of Shipping Bill in relation to Instrument based schemes.
Key points:
- Manner and time limit for applying for post export conversion of Shipping Bill in certain cases:
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- The application for conversion shall be filed in writing within a period of one year from the date of order for clearance of goods. Provided that the jurisdictional Commissioner of Customs, having regard to the circumstance under which the exporter was prevented from applying within the said period of one year, may consider and decide, for reasons to be recorded in writing, to extend the aforesaid period of one year by a further period of six months:
- For the purpose of computing the period of one year, the period, during which stay was granted by an order of a court or tribunal, shall be excluded.
- The jurisdictional Commissioner of Customs, may, in his discretion, authorize the conversion of shipping bill, subject to the following, namely : –
(a) on the basis of documentary evidence, which was in existence at the time the goods were exported;
(b) subject to conditions and restrictions provided in regulation 4;
(c) on payment of a fee in accordance with Levy of fees (Customs Documents) Regulations,1970.
- The application for conversion shall be filed in writing within a period of one year from the date of order for clearance of goods. Provided that the jurisdictional Commissioner of Customs, having regard to the circumstance under which the exporter was prevented from applying within the said period of one year, may consider and decide, for reasons to be recorded in writing, to extend the aforesaid period of one year by a further period of six months:
- Conditions and restrictions for conversion of Shipping Bill: The conversion of shipping bill and bill of export shall be subject to the following conditions and restrictions, namely :-
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- fulfilment of all conditions of the instrument based scheme to which conversion is being sought;
- the exporter has not availed benefit of the instrument based scheme from which conversion is being sought;
- no condition, specified in any regulation or notification, relating to presentation of shipping bill or bill of export in the Customs Automated System, has not been complied with;
- no contravention has been noticed or investigation initiated against the exporter under the Act or any other law, for the time being in force, in respect of such exports;
- the shipping bill or bill of export of which the conversion is sought is one that had been filed in relation to instrument based scheme.
