The Central Board of Indirect Taxes and Customs (CBIC) on Saturday said it has done away with renewal of Authorised Economic Operator certification for AEO-T1 entities from August 1.
The CBIC said these entities would no longer be required to seek periodic renewal of AEO-T1 certification with effect from August 1, 2021.
“CBIC has done away with expiry/ renewal of Authorised Economic Operator certification after every three years for AEO-T1 entities. W.e.f. 1/8/2021, all AEO-T1 entities certified on or after 01.04.2019, shall be auto renewed in the system, without any end date,” the CBIC tweeted.
The facility of continuous AEO certification/auto renewal for AEO-T1 entities is being made available subject to submission of annual self-declaration between October 1 to December 31 every year, the CBIC said in a circular to all principal chief commissioners.
An AEO is a business entity involved in international movement of goods requiring compliance with provisions of the national Customs law and is approved by or on behalf of national administration in compliance with World Customs Organisation (WCO) supply chain security standards.
The continuous certification would help reduce compliance burden for AEO-T1 (including MSME AEO-T1 entities.
Source : Business World
