Customs Valuations

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

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

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.

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

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

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