The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification 18/2023, which exempts the requirement for deposits into the Electronic Cash Ledger (ECL) until April 30, 2023. This temporary exemption aims to ease the financial burden on importers and exporters by delaying the need for these deposits.
This exemption impacts the cash flow management of businesses involved in import and export activities. By postponing the ECL deposit requirement, companies can allocate funds elsewhere, potentially improving liquidity. However, it is crucial to verify if your specific transactions are affected by this exemption, as it may not apply universally across all sectors.
1) Open the official notice here
2) Check whether your CTH, documents or policy line is touched
3) Ask Neo's CHA before changing Bill of Entry or Shipping Bill practice