Customs Valuations
Customs should speed up AI use to cut costs, taxpayer interface: CBIC chief
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 ...
 "Customs should speed up AI use to cut costs, taxpayer interface: CBIC chief")
How basic customs duty cut on mobile phones will affect cost benefits
Smartphones like Google Pixel and some iPhone Pro models are likely to get some benefit out of the rationalisation
 "How basic customs duty cut on mobile phones will affect cost benefits")
Carrying Adidas, Nike fakes to US? Customs can destroy counterfeit goods
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
 "Carrying Adidas, Nike fakes to US? Customs can destroy counterfeit goods")
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
Customs to roll out pan-India faceless assessment for all imports by Oct 31
The CBIC has constituted 11 National Assessment Centres (NACs), consisting of the Principal Commissioners/ Commissioners of Customs.
 "Customs to roll out pan-India faceless assessment for all imports by Oct 31")
Intel inputs behind physical inspection of Chinese goods at customs: Report
The move has resulted in a retaliatory action by China with Indian exporters complaining of shipments being held up in Hong Kong
 "Intel inputs behind physical inspection of Chinese goods at customs: Report")
Adjudication must be completed in prescribed time limit, says expert
If adjudication is not completed within the prescribed time limits, it will be deemed that no SCN was issued, say expert
Post-import expenses excluded for determining Customs value: Expert
The charges for erection and training will not be included in the assessable value of the imported goods
 "Post-import expenses excluded for determining Customs value: Expert")
Aligning transfer pricing and customs valuations
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