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CBIC announces implementation of Electronic Cash Ledger for payment of Import duties from 1st March, 2024 - (29 Feb 2024)

Customs

Central Board of Indirect Taxes and Customs announces implementation of Electronic Cash Ledger (ECL). The Electronic Cash Ledger (ECL) shall be the mode of payment of Import duties for goods imported through International Courier terminals from 01st March 2024.With the introduction of ECL, Express Industry can make payment through multiple banks as per convenience by internet banking and NEFT/RTGS from the existing one bank.

Earlier, the Electronic Cash Ledger was implemented for payment of Import Duties for cargo processed through EDI at Seaports, Airports, ICDs and LCSs from 01st April 2023.For implementing the new payment system by use of ECL, handholding of the trade was done by means of registration mela and webinars conducted by DG Systems, CBIC, from October to December, 2023 to familiarise different stakeholders before the launch of ECL for Express Cargo Industry.Section 51A of the Customs Act, 1962 deals withElectronic Cash Ledger, as per the provision, the importer, exporter or any person liable to pay duty, fees etc., under the Customs Act, has to make a non-interest-bearing deposit with the Government for the purpose of payment.

A pilot phase was started on 15.01.2024 and the same was expanded in phases to Delhi, Bengaluru, Mumbai and all other International Courier Terminal locations. Since 12.02.2024, the pilot has been running successfully in all the locations without any glitches in the system.The new ECL mode of payment is now available for all EXIM and it would facilitate ease of doing business to the trade.

Tags : ECL   IMPLEMENTATION   PAYMENTS  

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