Customs Valuations

The Customs department should accelerate the deployment of artificial intelligence, machine learning, and real-time analytics to reduce physical interface with trusted taxpayers, Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Chaturvedi said on Wednesday. Outlining 5 pillars for the Customs department to follow over the next decade, Chaturvedi said the CBIC intends to create a "unified, trusted taxpayer ecosystem" which records consistent compliance by businesses in GST, customs and other indirect tax payments. This would bring synergy across the indirect tax division. The CBIC chief also asked the customs department to handhold MSMEs and conduct outreach programmes so that small businesses can reap the benefits of customs deferred duty payment schemes like Eligible Manufacturer Importer (EMI) and also the Authorised Economic Operator (AEO). Chaturvedi said technology should act as a "great enabler" for customs and the ambition should be to move towards a ...

Smartphones like Google Pixel and some iPhone Pro models are likely to get some benefit out of the rationalisation

An individual may possess one counterfeit item per type for personal use only, not for sale. Possession of quantities exceeding this limit is prohibited, as per US Customs and Border Protection rules

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

The CBIC has constituted 11 National Assessment Centres (NACs), consisting of the Principal Commissioners/ Commissioners of Customs.

The move has resulted in a retaliatory action by China with Indian exporters complaining of shipments being held up in Hong Kong

If adjudication is not completed within the prescribed time limits, it will be deemed that no SCN was issued, say expert

The charges for erection and training will not be included in the assessable value of the imported goods

If two branches of a nation's revenue authorities apply different rules for the same transaction, it can lead to double taxation, and has the potential to hurt the investment climate