The Customs department has come out with norms for dealing with export cargo returning to Indian ports due to the closure of the Strait of Hormuz and disruptions in maritime routes amid the West Asia crisis.
The norms, issued by the CBIC on March 8 and to be valid for 15 days, stipulate that in all such cases the vessel shall be permitted to berth only at the same Indian port from which it departed, except in the case of transhipment.
The field offices under the Central Board of Indirect Taxes and Customs (CBIC) will recover all export incentives, including IGST, drawback, etc., manually from such cargo, if they have already been disbursed, said the CBIC circular.
The CBIC said it has received representations from field formations indicating that, due to the closure of the Strait of Hormuz and the consequent disruption in maritime routes, certain vessels carrying export cargo from India are unable to reach their destination ports and are returning to Indian ports. It has been …​The Customs department has come out with norms for dealing with export cargo returning to Indian ports due to the closure of the Strait of Hormuz and disruptions in maritime routes amid the West Asia crisis.
The norms, issued by the CBIC on March 8 and to be valid for 15 days, stipulate that in all such cases the vessel shall be permitted to berth only at the same Indian port from which it departed, except in the case of transhipment.
The field offices under the Central Board of Indirect Taxes and Customs (CBIC) will recover all export incentives, including IGST, drawback, etc., manually from such cargo, if they have already been disbursed, said the CBIC circular.
The CBIC said it has received representations from field formations indicating that, due to the closure of the Strait of Hormuz and the consequent disruption in maritime routes, certain vessels carrying export cargo from India are unable to reach their destination ports and are returning to Indian ports. It has been … ​Latest News [ SOBAN NEWS: International and National ]
