Section 76 of the Customs Act, 1962 contains the provisions in respect of prohibition and regulation of drawback and no drawback shall be allowed in the following circumstances: (a) In respect of any goods, the market price of which is less than the amount of drawback due thereon, (b) If the Central Government is of […]...

Ministry of Textiles had notified a new scheme called Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) on export of garments and made-ups vide Notification No. 14/26/2016-IT (Vol II) dated 7th March, 2019, w.e.f. 7th March, 2019. RoSCTL Scheme shall remain in force up to 31.03.2020. Old scheme ROSCTL shall be discontinued....

1. One of the important feature proposed in the Budget 2020 under Customs Law is the implementation of the system of Duty Credit Ledger. Sec. 51B is proposed to be inserted in the Customs Act, 1962 to implement the same. Said provisions reads as under: “51B. (1)The Central Government may, by notification in the Official […]...

Health Cess on Medical Devices falling under Heading 9018-9022 are being announced in the Budget’2020. The Health Cess @ rate of 5% shall be Levied with effect from 2nd Feb’2020....

Considering the findings of the Apex Court in Commissioner of Central Excise, Bolpur v. Ratan Melting and Wire Industries it is clear that Circulars cannot prevail over the statute. Circulars are issued only to clarify the statutory provision and it cannot alter or prevail over the statutory provision. In such circumstances, it is clear ...

Terminal Handling Charge (THC) is currently levied by the port terminals on the shipping lines for services such as unloading cargo containers from the ship and carting them to the storage yard in case of imports and vice versa for exports. THC is charged by both the load port and discharge port and that is […]...

The Tribunal has erred in holding that the Rules are merely procedural or directory in nature and upholding the grant of exemption to the Assessee in respect of Bill of Entry No. 550344 dated June 28th, 2003 by which the goods were imported and cleared on June 30th, 2003....

A company is run under the directions of its management more specifically Board of Directors.  The Board decides number of deliberations; executions which will impact a company in long run and also decide the future also. The Board committees consisting of both executive and non-executive directors established to advise, review, and appr...

Tax treatment of imported goods stored in a warehouse and sale made therefrom, has always been an apple of discord in Indirect Taxation which continues to trouble our courts very bitterly. It has been witnessed that stand of Department in this issue has remained fairly unchanged as they have always maintained the position that in such sit...

When India is going through a period of economic slowdown, it faces another setback as the World Trade Organisation (WTO) dispute settlement panel has held that the country’s domestic export subsidy programmes under Foreign trade policy are illegal and violates, WTO rules. The three member dispute settlement panel rejected IndiaR...