CBIC Directs Antecedent Verification To Be Completed Within 45 Days

The Central Board of Indirect Taxes and Customs (CBIC) has issued the circular directing that the antecedent verification be completed within 45 days of receipt of the application.

The Board has noted that antecedent verification is facing unreasonable delays at certain field formations. In order to ensure that verification is completed in a timely manner, it has been decided to amend Circular 26/2016-Customs.

Circular No. 26/2016-Customs dated June 09, 2016, provides for a centralized system of antecedent verification of the applicants of licenses under the Public Warehousing Licensing Regulations, 2016; the Private Warehousing Regulations, 2016; or the Special Warehousing Regulations, 2016.

The CAG of India, in Report No. 19 of 2022 (Performance Audit), has also observed that there is a non-capture of details in the application for a warehousing license, the annual renewal of the solvency certificate, the annual renewal of the risk insurance policy, and the irregular storage of goods in public and private bonded warehouses.

Circular No. 05/2023-Customs

Date: February 21, 2023

Click Here To Read The Circular