As seen in earlier article “Form 15CA & Form 15CB applicable on all payment“, except the exempted list, Form 15CA and Form 15CB was required for all type of payment. This resulted into lot of paper work for importers during regular import transactions.
In revised notification issued by CDBT on 16th December 2015, effective 01’st April 2016, import payment has been made part of exempted list. Hence forth Form 15CA and Form 15CB will not required for the same during import transactions.
Addition to exempted List
|Purpose Code||Nature of Payment|
|S0101||Advance Payment against Imports|
|S0102||Payment towards Imports – Settlement of Invoice|
|S0103||Imports by Diplomatic Missions|
|S0190||Imports below ₹ 5,00,000(For use by ECD offices)|