Page 5 - Customs

Top headlines: Customs, excise mop-up, 42 companies approved for PLI & more

The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

Customs department seizes gold worth Rs 20 lakh at Chandigarh airport

The Customs department seized 379 grams of gold worth nearly Rs 20 lakh from a passenger who arrived on a flight from Dubai at the Shaheed Bhagat Singh International Airport here, a statement said on Wednesday. The officers of the department intercepted the passenger while he was trying to cross the green channel, the department said in its statement. A search of his trolley bag resulted in the recovery of a gold wire with a silver-coloured coating. The wire, which weighed 379 grams, was concealed inside a steel strip of the trolley bag, it said. The recovered gold, having a market value of Rs 19.82 lakh, was seized by Customs officers as it was being illegally imported into India, it added. Further investigation in the matter is underway, the statement said.

Tussle over secrecy delays trade data compilation by Commerce Dept: Sources

The development comes in the backdrop of India's merchandise exports witnessing 4.8 per cent year-on-year rise to $35.45 billion in September

Importers still wait for clarity on expanded scope of IGCRS Rules

The new rules now say they come into play even in situations where the notifications prescribe end use of imported goods but do not specifically prescribe application of the new rules.

Need for rules to assist imported goods valuation unclear

The draft rules specify 11 types of imports that will be exempted from application of the rules

Delhi: Man held for smuggling wrist watches, including one worth Rs 27 cr

A man has been arrested by customs officials at Delhi airport for allegedly smuggling seven luxury wrist watches, including the one made of gold and studded with diamonds worth Rs 27.09 crore, officials said on Thursday. Commissioner of customs at Indira Gandhi International (IGI) airport Zubair Riaz Kamili said it is the biggest seizure, in value terms, of commercial or luxury goods. In value terms, it is equivalent to seizing around 60 kgs of gold in one instance, he added. The accused passenger, an Indian national, was intercepted by the customs officials after his arrival from Dubai on Tuesday, an official statement said. The detailed examination of the baggage and personal search of the passenger resulted in the recovery of seven wrist watches -- Jacob & Co (model: BL115.30a), Piaget limelight stella (SI.No.1250352 P11179), Rolex oyster perpetual date just (Sl. No. Z7J 12418), Rolex oyster perpetual date just (SI. No. 0C46G2 17), Rolex oyster perpetual date just (SI. No. ...

CBIC floats new norms to curb undervaluation of goods by importers

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties

Customs on high alert at Tamil Nadu airports over gold smuggling

The Customs and Central Excise are on a high alert in Chennai, Madurai, Tiruchi, and Coimbatore airports after the cases of smuggling gold showed an increase

DRI, Customs seize 10,230 kg red sandalwood worth Rs 6 crore from Haryana

The Directorate of Revenue Intelligence (DRI) recovered 10.23 MT of red sandalwood, estimated at Rs 6 crore in the international market, from an export consignment that was destined for Singapore

'AIR DBK available on goods made solely from domestic inputs'

As a matter of rule, no evidence of actual duties suffered on imported or indigenous nature of inputs used, even if the AIR has customs portion, should be insisted upon by field formations

SME Chatroom: 'Assessable value can be different from invoice value'

There is a specific box in the bill of entry for Free of Charge (FOC) imports

System-generated examination orders for B/E introduced

Under the new procedure, after processing BE data, Risk Management System (RMS) will generate a consolidated examination order for each selected BE based on potential risks.

Customs to start risk-based scrutiny of imported goods in phases from Sep 5

The Customs department will begin a standardised risk-based faceless assessment system across the country for clearance of imported consignments in phases starting with metal from September 5. This would promote ease of doing business as it would bring uniformity in Customs examination, and reduce the time taken for clearing consignments. The Central Board of Indirect Taxes and Customs (CBIC) in a circular to field offices said the National Customs Targeting Centre (NCTC) has developed system generated centralized examination orders for Bills of Entry (BoE), based on various parameters, and this will be rolled out in phases. This risk-based scrutiny would be meant for 'Second Check Bill of Entry', under which imported goods do not have to mandatorily go through physical examination. Customs officers do assessment of the imported goods on the basis of the documents submitted to the authorities. A BoE is filed by importers or their agents to the Customs department before the arrival

Explained: What is PNR data, why will Indian airlines have to share it?

This information will be used by the Customs department for surveillance and risk assessment of international passengers

4.33 kg smuggled gold seized at Hyderabad airport, says Customs dept

Smuggled gold weighing a total of over 4 kg was seized at the airport here in two separate incidents, the Customs department said on Friday

Married couple held for smuggling 45 hand guns at Delhi airport: Customs

The officials who made the arrest said a ballistic report will confirm whether the guns are real or not.

CBIC to issue SOP for GST summons to stop harassment of businesses

The new SOP will make officials more accountable and will also make the entire process transparent

Container D&D charges moderate but still above the 2020 level

Container demurrage is charged for use of a container within a terminal beyond the free period allowed by the shipping line

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.