Page 5 - Customs Duty

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

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.

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

Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj

Revenue secretary attributes it to cuts in excise and Customs duties

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

Different strokes in transparency

More clarity on Customs duty changes could have made the Budget more transparent

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 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: Assocham requests govt to remove custom duty on copper concentrate

Industry body Assocham has urged the government to reduce the customs duty on copper concentrate from the present 2.5 per cent to zero

PHDCCI for removing customs duty on copper concentrate in Budget

PHDCCI on Friday said it has suggested to the government to remove customs duty on copper concentrate as the move would encourage domestic companies to manufacture value added products in India

Govt scraps basic customs duty, cuts agri cess on vegetable oils

The move which will help cool prices and increase domestic availability in the festive season