The Customs (Verification of Identity and Compliance) Regulations, 2021
MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) vide Notification No. 41/2021-Customs (N.T.) dated 05th April, 2021 had notified the Customs (Verification of Identity and Compliance) Regulations, 2021 in exercise of the powers conferred by section 99B read with section 157 of the Customs Act, 1962 (52 of 1962).
Applicability: shall come into force with effect from the date to be notified
Crux / Brief of the Notification: The Regulations shall be applicable to Importers; Exporters; and Customs Brokers who are newly engaging in import or export activity. As per the new Regulations, the Commissioner of Customs may select any person, who may have engaged in import or export activity or availed or claimed the benefits mentioned in sub-clause (a) to (f) of clause (i) of sub-section (3) of section 99B of the Act or engaged as a Customs Broker in such activity or in availing or claiming such benefits prior to the commencement of these regulations and these regulations shall apply to such person. These regulations shall not apply to the Central Government, State Governments, and Public Sector Undertakings. The person selected for verification shall furnish the various documents or information namely document of incorporation, a document evidencing the appointment of authorized signatories, if applicable, PAN, GSTIN, and bank statement, Income Tax Return, etc. evidencing financial standing of the person on the Common Portal within 15 days of such intimation of selection. The outcome of the verification shall be informed to the person concerned on the Common Portal within a period of 7 days from the date of determination. The regulation also has the provision for the Appeal by a person who is aggrieved by any order passed by the Commissioner of Customs under Regulations 7 or 9, may prefer an appeal under Section 129A of the Act to the Customs, Central Excise and Service Tax Appellate Tribunal.
Link to read full Notification: https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-nt2021/csnt41-2021.pdf
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