Additional disclosures required for trade of medicinal products from July 1: CBIC
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In order to fast-track clearances of shipments, the Central Board of Indirect Taxes and Customs (CBIC) said that it would introduce additional disclosures for the export and import of medicinal products from July 1. These additional disclosures will reduce queries of Customs officials, which are frequently posed to EXIM traders dealing in medicinal plants and chemicals.
The CBIC said in consultation with the Ministry of AYUSH and DGFT it has been decided that additional qualifiers like declaration of the name of the medicinal plant for exports of parts of plants has been made mandatory. It stated ‘These additional qualifiers shall be mandatory for exports under the specific CTHs of the said chapters for all Shipping bills filed on or after July 1, 2023...These...shall be in addition to the existing declaration being made by exporters.’
The CBIC had last month invited stakeholder views on the proposed introduction of additional disclosures for export-import trade in medicinal products. It future said the information currently provided by the importers/exporters of these products is inadequate and does not provide the complete details of the product, thus, leading to insufficient inputs for devising policies, multiple queries during assessment and examinations, certifications from technical agencies etc, with a resultant delay in assessment and clearance.
