Custom Duty articles

Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962

Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962 Central Board of Indirect Tax & Customs has made certain changes with regard to Prosecution of Foreign Nationals for the offences covered under the Customs Act, 1962 involving Foreign Currency vide Circular N...

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Registration of Multimodal Transport Operator (MTO)

Registration Process of Multi modal transport operator. Transportation is an integral part of delivering goods from suppliers to customers. Every Company, Firm or Proprietary Concern, either engaged in the business of Shipping, or freight forwarding in India or abroad need to get registered under the Multimodal Transportation of Goods Act...

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Relevant Date for Determination of Rate of Duty & Tariff Valuation under Customs Act, 1962

Introduction Rate of duty and Tariff Valuation in case of Import and export of Goods is determined on the basis of Rate applicable on the Relevant date, which has been discussed below. 1. Date of determination of Rate of duty and tariff valuation of Imported Goods [Section 15 of Customs Act, 1962] Relevant date for […]...

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Custom BCD rate changes wef 30th January 2019

Principal Notification No. 02/2019 – Customs Dated: 29th January, 2019. Amendment Notifications: notification No.57/2017-Customs, dated the 30th June, 2017  and  notification No. 75/2018 -Customs, dated the 11th October, 2018 Effective Date: 30th January 2019 Sl. No. Heading Description of services Rate Conditions Old Amendment Old ...

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Removal of Pre-Import Condition – Prospective or Retrospective ??

1. Pre-import condition (i.e. import first and then export) was inserted in Notification No. 18/2015 – Customs (as condition no. (xii)) as well as Notification No. 20/2015 – Customs (as condition no. (xiii)) vide Notification No. 79/2017 – Customs dated 13-10-2017. Said condition was required to be met if IGST exemption was claimed...

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Continue to be EOU & STPI (Exit is Costlier)

Government is giving focus on EOU Scheme and therefore EOU Scheme has been liberalized. There is no requirement of warehousing and also procedural matter has been simplified. Domestic procurement for EOU is kept at par with domestic unit and EOU units are allowed to import duty free by following the procedure under Import of Concessional ...

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RFID: A Disruptive Technology in Asset Identification & Tracking Revolutionizing Supply Chain Functions

Rapid identification technologies have led to a better handling of raw materials / inputs and finished products in the Supply Chain.  In the past few years Radio Frequency Identification (RFID) has grown to be one of the most popular technologies in the area of identification systems and today it’s a disruptive technology in Asset Iden...

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Authorized Economic Operator (AEO) A Privileged Certification for Exporters & Importers

AEO is a Trade Facilitation Scheme for ease of doing business in light of international development. Holder of this Certificate is Entitled for Privilege, Benefits, Exemption and Relaxation on account of import and export.This certificate is issued for Particular Period after that to be renewed. ...

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Exemption Notifications must be interpreted strictly: The Supreme Court Constitution Bench Judgment

SC in Constitution Bench of Five Judges judgment in the case of Commissioner of Customs (Import) Mumbai Vs. M/s Dilip Kumar and Company and Ors has held that the benefit of ambiguity in exemption notification (which is subject to strict interpretation) cannot be claimed by the subject/assessee and it must be interpreted in favour of the r...

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Simplified processing of AEO-T1 application & Documentation

PROCESSING OF ACCREDITATION OF AEO-T1 SIMPLIFIED In terms of Customs circular 33/2016 dated 22.07.2016 as amended by the Circular No. 3/2018- Customs dated January 17, 2018 & Circular No. 26/2018- Customs dated 10th August 2018 processing of AEO-T1 application is simplified. ANNEXURE REQUIRED FOR AEO-T1 APPLICATION AS PER OLD CIRCULAR...

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