The Central Board of Indirect Taxes and Customs (CBIC) has notified the amendment to the Electronic Duty Credit Ledger Regulations, 2021 extending the validity of e-scrip from 1 year to 2 years.
Earlier, the CBIC vide Notification No. 75/2021-Customs (N.T.) dated September 23, 2021 (“NN 75/2021- Customs”) has notified Electronic Duty Credit Ledger Regulations, 2021.
The notification issued on Thursday substituted the words “one year” with “two years” in Regulation 6(2):
“6. Use and validity of e-scrip. –
(2) The e-scrip shall be valid for a period of two years from the date of its creation in the ledger and any duty credit in the said e-scrip remaining unutilized at the end of this period shall lapse.”
Substituted the words “one year” with “two years” in Regulation 7(3):
“7. Transfer of duty credit in e-scrip. –
(3) The period of validity of the e-scrip, of two years from its creation, shall not change on account of transfer of the e-scrip.”
Any bill of export under section 50 of the Customs Act, 1962 on or after the January 1, 2021 and having a claim of duty credit under the Scheme shall be processed in the customs automated system. The claim shall be allowed by Customs according to the conditions and restrictions notified for the Scheme. Once the claim is allowed, a scroll for duty credit will be generated separately for each Scheme. The scroll details shall be visible in the customs automated system to the exporter who is the recipient of such duty credit.
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