Page 4 - Customs Duty

Finance ministry looks to curb smuggling of top-end mobile phones

FinMin considers proposal to reduce basic Customs duty on phones with a cost, insurance and freight value of over Rs 35,000

India may exempt 30 GW of solar plants from equipment duty: Report

In March 2021, the government announced 25% basic customs duties on solar photovoltaic cells and 40% on solar photovoltaic modules with effect from April 1, 2022

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Top Headlines: Tax-free slab to Rs 5 lakh, basic Customs duty cut, and more

Business Standard brings you the top headlines at this hour

If delay in FTA talks, GCC nations can join India-UAE trade deal

The clause was added to the agreement to encourage other countries to join the pact, making it a regional agreement, the sources said

Shah Rukh Khan stopped at Mumbai airport for hours over luxury watches

Bollywood actor Shah Rukh Khan and five members of his team were stopped for an hour at the Mumbai airport by Customs officials for not paying Customs duty for six luxury watches as the payment facility was not operational in the early hours of Saturday, an official said. The incident occurred at 12.30 AM after Khan landed at the airport from Dubai in a chartered flight, the official said and added that the payment counter at the General Aviation Terminal (GAT) was not operational in the early hours. During the screening of the baggage of Khan and his team members, officials found six expensive watches in one of the bags, he said. The expensive watches are worth Rs 17.86 lakh as per Customs' evaluation, he said. The bag containing watches was carried by Khan's bodyguard Ravi Shankar Singh, the official said. As the screening process was on, Khan and his team were stopped at the GAT- a VIP terminal- for at least an hour, he added. After some time, Khan, his secretary Pooja Dadlani

Fiscal correction: Focus should be on reducing the fiscal deficit

The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year

Under scanner: Special mechanism for sharing trade data in the works

CBIC come across 12-13 cases of import-export data leaks to dark web

Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

Solar projects awarded before customs duty change allowed cost pass-through

Change in law allowed for hike in GST rate too as project developers face cost hikes

CBIC offers clarity on classification of cranes for GST, customs duty

Experts say this would reduce litigation in courts, as different classes of cranes attract different tax rates

Hero Electric under DRI lens for evading customs duty worth Rs 330 crore

Hero Electric reportedly ordered fully assembled vehicles into the country but later disintegrated them and sent them to different ports across the country to evade tax

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

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

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

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

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

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'

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. The move, an official said, is aimed at checking smuggling and to trace the real culprit. As per the Controlled Delivery (Customs) Regulations, 2022, a customs officer at the ports can earmark both export and import consignments for controlled delivery on "reasonable belief" that it is "suspect". The list of items under the regulation are narcotic drug and psychotropic substances; gold, silver in all forms, precious and semi-precious stones, liquor; currency; cigarettes, tobacco; wildlife products and antiques. As per the regulations, the customs officer can, if needed, install tracking devices to monitor the movement of suspect consignment. According to a gold industry expert, this regulation can be applied to any movement by the Directorate of Revenue Intelligence or other agencies like ED, which

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