Page 5 - Latest Updates on Customs duty
Disclosing end-use of goods must while claiming concessional import duties
Move aimed at enabling tracking of goods to ensure they don't end up in replacement market
 "Disclosing end-use of goods must while claiming concessional import duties")
SC dismissal of review petition on HSN codes setback for industry
Auto component industry may have to pay up to 15% basic Customs duty and 28% GST
 "SC dismissal of review petition on HSN codes setback for industry")
DRI detects customs duty evasion of Rs 2,217 cr by Vivo Mobile India
'DRI officers recovered incriminating evidence indicating wilful mis-declaration in the description of certain items imported by M/s Vivo India,' says Ministry of Finance
 "DRI detects customs duty evasion of Rs 2,217 cr by Vivo Mobile India")
Amid robust tax growth, customs and excise duties decline over 10% in Q1
Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23
 "Amid robust tax growth, customs and excise duties decline over 10% in Q1")
SME Chatroom: 'SEZ units need to be net foreign exchange earners'
SEZ units have to only achieve positive NFE and so the Customs need not demand refund of customs duty on the inputs
 "SME Chatroom: 'SEZ units need to be net foreign exchange earners'")
Indian phonemakers served notices by Customs, get Rs 20,000 cr tax bill
Before September 2020, there was no import duty on such panels, but from October 1, 2020, an import duty of 10% is levied under the Centre's phased manufacturing programme
 "Indian phonemakers served notices by Customs, get Rs 20,000 cr tax bill")
CBIC issues clarification on GST on pre-packaged items from Monday
The Central Board of Indirect Taxes and Customs on Sunday said single packages of food items like cereals, pulses and flour weighing up to 25 kg will be considered as 'prepackaged and labelled'
 "CBIC issues clarification on GST on pre-packaged items from Monday")
Customs dept puts gold, 8 more items under controlled delivery regulation
The customs department has issued controlled delivery regulations authorising officers to track suspicious consignments of items, including gold, precious stones, drugs and cigarettes.
 "Customs dept puts gold, 8 more items under controlled delivery regulation")
SME Chatroom: Tribunal allows refund of CVD, special additional duty & cess
I suggest you claim refund of CVD, SAD and cess paid towards regularisation of the default under advance authorisation
 "SME Chatroom: Tribunal allows refund of CVD, special additional duty & cess")
SME Chatroom: 'IGCR Rules apply only when exemption notifications say so'
The duty concessions are available under exemption notifications and some of them mandate the procedures prescribed under the said IGCR Rules.
 "SME Chatroom: 'IGCR Rules apply only when exemption notifications say so'")
Imposing duty on steel items a knee-jerk action for industry: ISSDA chief
The government's objective behind the move was to cool down steel prices. However, the prices anyway had started showing a downward trend, the industry expert said.
 "Imposing duty on steel items a knee-jerk action for industry: ISSDA chief")
WTO June meet: India not likely to create a hurdle on e-com moratorium
Developing countries, including India, have been battling for policy space to impose Customs duties on electronic transmissions
 "WTO June meet: India not likely to create a hurdle on e-com moratorium")
Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj
Revenue secretary attributes it to cuts in excise and Customs duties
 "Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj")
Govt notifies norms for allocation of TRQ for crude soybean, sunflower oils
The govt has exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean oil and crude sunflower oil each, to ease domestic prices
 "Govt notifies norms for allocation of TRQ for crude soybean, sunflower oils")
No denial of duty exemption for not adhering to import procedures: CBIC
The CBIC has asked field offices not to deny Customs duty exemptions to importers of oxygen-related equipment merely for not adhering to import procedures during the second wave of the Covid-19
FinMin waives customs duty on cotton imports till September 30
Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC)
 "FinMin waives customs duty on cotton imports till September 30")
Different strokes in transparency
More clarity on Customs duty changes could have made the Budget more transparent
 "Different strokes in transparency")
LIVE: This Budget brings more infra, more growth and more jobs, says PM
Budget 2022 LIVE updates: Finance Minister Nirmala Sitharaman presented the annual Union Budget 2022-23 in Parliament today. Follow Business Standard for Budget highlights
 "LIVE: This Budget brings more infra, more growth and more jobs, says PM")
Budget 2022: Here's what will get costlier and what will be cheaper
Imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid will become cheaper as a result of rationalisation in customs duties
 "Budget 2022: Here's what will get costlier and what will be cheaper")
Budget 2022 specifies customs duty change on several items
This would mean that imports become more expensive or cheaper usually depending on the change in customs duties
 "Budget 2022 specifies customs duty change on several items")