CBIC notifies Shipping Bill (Post Export Conversion in relation to instrument based Scheme) Regulations, 2022 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has notified the Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022 applicable to shipping bills or bills of export filed.

As per the notification issued on Wednesday, the application for conversion shall be filed in writing within a period of one year from the date of order for clearance of goods under sub-section (1) of section 51 or section 69 of the Act.

The Notification laid down the following conditions for the conversion of shipping bill and bill of export namely :- (a) fulfilment of all conditions of the instrument based scheme to which conversion is being sought; (b) the exporter has not availed benefit of the instrument based scheme from which conversion is being sought; (c) 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; (d) 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; (e) 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.

To Read the full text of the Order CLICK HERE

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