Custom Duty articles

Customs – Provisional Release of Seized Imported Goods Latest Guidelines

The Central Board of Excise & Customs (CBEC), vide Circular No. 35/2017 – Customs, dated 16th August 2017 issued guidelines for provisional release of seized imported goods pending adjudication under Section 110 of the Customs Act, 1962 Section 110A  Any goods, documents or things seized under Section 110, may, pending the order of...

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Posted Under: Custom Duty |

Tax Incidence – High Sea Sales of Imported Goods – GST

As provided in GST Laws, all inter-state transactions are subject to IGST. Further, High sea sales of imported goods are akin to inter-state transactions. ...

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Posted Under: Custom Duty |

Amendment by Taxation Laws (Amendment Act)

A new Section 108A and 108B inserted which cast responsibility on Banking Company, Stock Exchange, Financial Institution, Register, Co Operative Bank etc to Furnish information to Proper Officer. Penalty Rs 100 per day will be imposed in case of failure to Furnish Information....

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Posted Under: Custom Duty |

Positive Impact of Export Facilitation Measures on Exports

Latest data suggests signs of recovery of Indias exports. December 2016 is the continuous 4th month when merchandise exports registered positive growth. Despite weak global demand, India’s overall Trade figures also look good, helped by the strong net foreign exchange earnings from the IT-led Services Export Sector....

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Union Budget 2017- Highlights of Custom Duty Proposals

Definition of following terms is proposed to be incorporated in section 2 of the Customs Act, 1962: Beneficial owner, Passenger Name Record Information, Foreign Post Office and International Courier Terminal...

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Union Budget 2017: Key Changes in Custom Duty

Article disusses amendment in Custom duty carried out /; Proposed by union budget 2017 related to Amendments in Customs Act, 1962 / Customs Tariff Act, 1975, Legislative changes regarding Authority for Advance Ruling/ Settlement of Cases, Amendments affecting rates of BCD etc....

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Budget 2017 Chapter wise changes relating to Customs

Basic Customs duty rate on Cashew nut, roasted, salted or roasted and salted [20081910] is being increased from 30% to 45% by increasing the tariff rate from 30% to 45%. Clause 109 (a) of the Finance Bill, 2017 refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, this increase will come into force with imm...

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Suggested amendments to improve working of Customs Brokers

Section 146 of The Customs Act, 1962 states that no person shall carry on business as an agent relating to the entry or departure of a conveyance or the import or export of goods at any Customs station unless such person holds a license granted in this behalf in accordance with regulations made in this regard by the Board....

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Recovery of Drawback claimed, on non realization of export proceeds

Whether Customs duty and Excise duty portion of drawback already claimed by the assessee can be recovered by the Department consequent to the non-realization of export proceeds?...

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Legal Provisions for Import of Pneumatic Tyres for Automotive Vehicles

In this article, attempts have been made to explain about Import of Pneumatic Tyres for Automotive Vehicles (including used Tyres, Retreaded Tyres and Waste Tyres). ...

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