Additional disclosures for medicinal product trade:The Customs Department is taking a proactive step towards streamlining the clearance process for the export and import of medicinal products. From July 1, a set of additional disclosures will be introduced to expedite the clearance of shipments. These new requirements aim to reduce the number of queries posed by Customs officials to EXIM traders dealing in medicinal plants and chemicals.
Addressing the Gap: Inadequate Information and Delayed Clearances
In a recent circular, the Central Board of Indirect Taxes and Customs (CBIC) announced the decision to enforce additional qualifiers for the export of parts of plants used in medicinal products. This move, made in consultation with the Ministry of AYUSH and DGFT, seeks to address the inadequacy of information currently provided by importers and exporters in this sector. The lack of comprehensive details has often resulted in delays in assessment and clearance, requiring additional certifications from technical agencies and numerous queries during the assessment and examination process.
Mandatory Declarations and Effective Implementation
To ensure a smooth transition and facilitate faster clearances, the CBIC has made it mandatory for exporters to declare the names of medicinal plants for exports of plant parts. Starting from July 1, 2023, these additional qualifiers will be required for exports falling under the specific Customs Tariff Headings (CTHs) mentioned in the circular. Importantly, these new requirements are in addition to the existing declarations made by exporters.
Engaging Stakeholders for Effective Trade Policies
The CBIC, recognizing the importance of stakeholder involvement, had sought views from industry participants regarding the proposed introduction of these additional disclosures. The objective was to gather valuable insights and perspectives to enhance trade practices and enable the formulation of effective policies in the medicinal product trade.
Improving Efficiency, Reducing Delays
By implementing these additional disclosures, the Customs Department aims to improve the efficiency of the clearance process for medicinal products. The complete and accurate information provided through the new qualifiers will enable Customs officials to expedite assessments, reduce the number of queries, and minimize delays caused by inadequate inputs. This proactive step will benefit EXIM traders, ensuring smoother trade operations and enhancing the overall ease of doing business.
Additional disclosures for medicinal product trade of medicinal products demonstrates a commitment to streamlining trade operations. The mandatory declaration of the names of medicinal plants for exports of plant parts, effective from July 1, 2023, will contribute to faster clearances and fewer queries from Customs officials. By addressing the existing information gap, this initiative aims to enhance policy formulation and improve the efficiency of the assessment and clearance process, benefiting all stakeholders involved in the medicinal product trade.