Customs

'Merchanting trade' includes supply of goods within same foreign country

The CBEC Circular no.38/97-Customs dated 19th September 1997 says that any group company having status recognition as 'export house' under the FTP can give the corporate guarantee

Useful initiatives from CBIC to simplify trade for importers, exporters

The CBIC Customs Manual 2025 explains in simpler words the role of the Customs, various legal provisions and gives the gist of relevant departmental instructions till February 1

Skoda Volkswagen will have to fall in line on tax demand: Customs to HC

Skoda Auto Volkswagen India will have to "fall in line and not play victim," the Customs department told the Bombay High Court on Thursday, justifying its tax demand notice of USD 1.4 billion to the company for allegedly providing misleading information about its imports. Additional Solicitor General N Venkatraman, appearing for the customs department, said the rule of law is the same for everyone. "You have to follow the law. You have to fall in line. The rule of law is the same for everyone. Similar importers are already paying 30 per cent," he said. The customs department was not at fault for sending the show-cause notice but "it is the company's fault for not classifying the items properly," the ASG added. "Don't be the victim here. If you don't follow the law then we will initiate action in accordance with the provisions of law," Venkatraman said. A division bench of Justices B P Colabawalla and Firdosh Pooniwalla was hearing a petition filed by the company, challenging the .

Customs should not act while redemption application is pending with DGFT

Rule 53 of the SEZ Rules, 2006 has no provision to count any supply from a SEZ unit to a bonded warehouse as earnings for the purpose of NFE calculations

Budget 2025 export boost: Govt promises Bharat Trade Net, push domestic mfg

Launch of digital trade platform Bharat Trade Net, domestic manufacturing boost, streamlining customs screening and clearance procedures

Union Budget 2025-26: Customs duty hike likely on key pharma, RE products

Key components in the renewable energy industry such as special bearings, gearboxes, yaw components, wind turbine controllers are currently subjected to a concessional customs duty of 5 per cent

Customs announces relief for international travelers' stuck duty payments

The Customs department has introduced refund guidelines for payments that were initially successful but ultimately failed due to any errors

FY25 seafood exports cross Rs 60,000 cr, govt eyes duty cuts in Budget 2025

The government has proposed reducing the Basic Customs Duty on several key inputs for shrimp and fish feed production to 5%

Amnesty scheme for customs may be announced in upcoming Budget: Experts

In a bid to reduce litigation, Finance Minister Nirmala Sitharaman in the upcoming Budget may announce an Amnesty Scheme for customs to foster ease of doing business. "The main asks of the industry would certainly be aligned with the objectives of the government and one objective of the government has been litigation reduction. On that front, having an amnesty scheme for customs especially covering pre-GST legacy taxes like additional duty, special additional duty has been one of the asks of the industry," Price Waterhouse & Co LLP managing director Anurag Sehgal said. The government had in the past announced amnesty schemes for excise and service tax and even for the income tax but not for customs. There are estimates that over 40,000 cases were pending in various courts and tribunals pertaining to customs duty alone. Another consultancy firm EY India said customs litigations are pending at various forums for a very long time and the same require time and effort to be spent by ...

Govt may introduce one-time amnesty scheme to resolve Customs disputes

The official said around 35,000 customs cases, involving over around Rs 50,000 crore are currently pending across various courts

CBIC reduces compliance burden for customs cargo service providers

The CBIC on Friday said it has reduced compliance burden for customs cargo service providers (CCSPs) by reducing number of days for insurance of stored goods and removing licence renewal process for AEO-compliant entities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said these measures aim to reduce operational costs and compliance burdens for CCSPs, that play a crucial role in handling of imported and exported goods. It would also improve efficiency of EXIM operations and facilitate global trade. The CBIC has notified reduction in the number of days for insurance of stored goods by amending the Customs Areas Regulations, 2009, which require CCSPs to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo. It has been notified to reduce it to 5 days as a trade facilitation measure. "This will enhance the cash flow for the entities by reducing the cost," the statement said. Separately, the CBIC has also notified that CCS

Customs, DRI seize 847 kg of gold worth Rs 544 cr at airports in Q1: FM

Customs and DRI officers have seized 847 kg of gold worth Rs 544 crore at various airports in the three months of the current fiscal till June, Finance Minister Nirmala Sitharaman said on Tuesday. In a written reply to a question in the Rajya Sabha, Sitharaman gave details of gold seizure cases at airports and seaports by Customs field formations and Directorate of Revenue Intelligence (DRI) from FY 2021-22 to FY 2024-25. In FY25, up to June 2024, 847.43 kg of gold was seized in 1,282 cases. The value of seized gold is Rs 543.61 crore. In the 2023-24 fiscal, there were 5,962 cases of seizure at airports with 3,714 kg of gold worth Rs 2,081 crore getting seized. In 2022-23, seizure of 2,776 kg of gold worth Rs 1,382 crore was made. In 2021-22, about 1,240 kg of gold worth Rs 572 crore was seized at the airports. The minister said Customs field formations are regularly sensitised to newer methods of smuggling. "On detection of gold smuggling cases, action is taken in accordance wi

IndiGo Airlines fined $5,832.60 for late payment by US customs

IndiGo reportedly received the intimation about the penalty from the US authority on 24 July, and is currently exploring the possibility of a waiver of the penalty

GST suppliers giving discounts must ensure undertaking from client: CBIC

Suppliers giving post-sale discounts through credit notes under GST will have to ensure that the client gives an undertaking or a CA certificate stating that the ITC availed on the discount value has been reversed, the CBIC has said. Currently, there is no mechanism to track whether the Input Tax Credit (ITC) on such discounts has been reversed or not. Till the time a functionality is made available on the common portal to enable the suppliers as well as the tax officers to verify the reversal, the supplier may procure a certificate from the recipient of the supply, issued by the Chartered Accountant (CA) or the Cost Accountant (CMA), certifying that the recipient has made the required proportionate reversal of ITC at his end in respect of such credit note issued by the supplier. In cases, where the amount of tax (CGST+SGST +IGST and including compensation cess, if any) involved in the discount given by the supplier to a recipient through tax credit notes in a financial year does no

ESOPs by foreign cos to employees of India unit not to attract GST: CBIC

ESOPs given by foreign companies to employees of its Indian subsidiary at prevailing market value will not attract GST, the CBIC has said. However, Employee Stock Option (ESOP)/Employee Stock Purchase Plan (ESPP)/ Restricted Stock Unit (RSU) provided by a foreign company to its India subsidiary employee would come under GST net if an additional amount over and above the cost of securities/shares is charged by the foreign holding company from the domestic arm. This clarification forms part of the 16 circulars issued by the Central Board of Indirect Taxes and Customs (CBIC), following the meeting of the GST Council on June 22. Some Indian companies provide the option to their employees for allotment of securities/shares of their foreign holding company as part of the compensation package as per the terms of the contract of employment. In such cases, on exercising the option by the employees of an Indian subsidiary, the securities of a foreign holding company are allotted directly by

CBIC cautions public to stay alert against frauds in name of Indian Customs

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday asked public to stay alert and discern the modus operandi of fraudsters committing fraud in the name of Indian customs. In a statement, the CBIC said various incidents have come to light through news portals/social media platforms of fraudulent persons posing as Indian Customs officers cheating the public of their hard-earned money across the country. These frauds are primarily done using digital means like phone calls or SMS, and are focused on extracting money through the 'purported' fear of immediate penal actions. In order to counter these frauds through public awareness, CBIC is mounting a multi-modal awareness campaign that includes newspaper advertisement, SMS/e-mails to the general public, social media campaign, besides awareness campaigns by CBIC field formations. The CBIC also advised the public to take measures to safeguard themselves from becoming a victim of such scams by discerning the modus operandi of

Delhi Customs detains Shashi Tharoor's aide in alleged gold smuggling case

A passenger travelling from Dubai attempted to deliver over 500 gms of gold to Tharoor's aide at Delhi International Airport. Union Minister Rajeev Chandrasekhar and Congress MP Shashi Tharoor respond

7 held by HK customs for $1.8 bn money laundering case linked to India

At least seven persons were arrested by Hong Kong customs authorities on Friday in connection with the territory's biggest money-laundering case involving a whopping HKD 14 billion (USD 1.8 billion) some of it was linked to a mobile app scam case in India. The syndicate used stooge bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said. The operation was linked to a mobile app scam in India and two jewellery companies in the country, which allegedly handled about HKD2.9 billion (USD 371 million) of the funds, Suzette Ip Tung-ching, the head of customs' financial investigation bureau told the media in Hong Kong. Ip described the amounts laundered as astonishing with one of the accounts receiving as much as HKD100 million (USD 12.8 million) a day and carrying out as many as 50 daily transactions. Some of those arrested were non-Chinese residents of Hong Kong, she said without .

Customs 2.0 in offing, to provide fully automated stakeholder service: Govt

Revenue Secretary Sanjay Malhotra on Saturday said the customs department is developing a fully automated trade interface system, Customs 2.0, which would also help in improving its score in the World Bank's ranking. Speaking on the International Customs Day 2024 celebrations, organised by the Central Board of Indirect Taxes and Customs (CBIC), Malhotra said technology is going to be the main driver in improving customs processes. The World Bank's Logistics Performance Index 2023, which was released in April last year, had ranked Customs processes at 47th spot, down from 40th position in 2018. "India is on course to become the third largest economy surpassing GDP of USD 5 trillion. Yet we are ranked 47th out of 139 countries in the World Bank report'. There is a huge scope for improvement for us not only in terms of score but also in terms of ranking, Malhotra said. He said the systems division in Customs is preparing for a Customs 2.0 to ensure that all processes in customs and wi

Gautam Singhania's JK Investors pays Rs 328 cr penalty in customs case

The DRI accused Raymond Group CMD Gautam Singhania of evading custom duties on the import of 142 vehicles, including 138 vintage cars