Trade Analysis

CBIC’s Electronic Cash Ledger For Trade Starts From Today

Published: April 3, 2023
Author: DIGITAL MEDIA EXECUTIVE

Beginning on April 1, the Central Board of Indirect Taxes and Customs (CBIC) will gradually make the Electronic Cash Ledger (ECL) available to importers and exporters. Every assesset must keep an electronic cash ledger in the customs portal in accordance with Section 51A of the Customs Act of 1962.

ECL is a non-interest-bearing tax deposit with the government that intended to make compliance easier. A CBIC circular stated that the “phased adoption of ECL is intended to leverage technology and reform the payment process, including that related to the clearance of goods since the Trade may hold the deposit in ECL for making subsequent transaction-wise payments of various sorts.” ECL, which intends to simplify tax payment to the government, is a non-interest bearing deposit. the conformity. A CBIC circular stated that the “phased adoption of ECL is intended to leverage technology and reform the payment process, including that related to the clearance of goods since the Trade may hold the deposit in ECL for making subsequent transaction-wise payments of various sorts.”

 

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