DGFT, Customs and CGST Notifications

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January 8, 2021

Members of the Council,

Dear Sir,

Please find enclosed the following circulars/public notices for your kind information.

1.      DGFT Public Notice No.34/2015-2020 dated 24.12.2020 regarding modification of IEC.  The public notice states the following

·        In case of change in constitution of a PAN based IEC by way of merger, acquisition, liquidation, inheritance etc. such that PAN of the new entity so formed is different from the earlier one, an IEC can be availed against the new PAN, if not existing already.  Previous IEC(s) can also be operationally linked to the PAN/IEC of the new entity.

·        An application for linking the obligations under the old/previous IEC may be submitted online to the jurisdictional RA of the new entity along with supporting documents. Concerned RA may sanction the given linkage after due scrutiny of the evidence provided by the applicant including submission of affidavits etc.  After RA’s approval, previous IEC(s) shall be treated as surrendered.

2.      Customs Instruction No.21/2020 dated 16.12.2020 regarding time bound processing of Duty Drawback claims.

3.      CGST Notification No.95/2020 dated 30.12.2020 regarding extension of time limit for filing annual returns for the financial year 2019-20 till 28.02.2021.

Thanks & regards,

Executive Director