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Benefit of Exemption Notification- Reference Answered by Supreme Court

What is the interpretative rule to be applied while interpreting a tax exemption reportable provision/notification when there is an ambiguity as to its applicability with reference to the entitlement of the assessee or the rate of tax to be applied?...

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Exemption Notifications must be interpreted strictly: Supreme Court

In case of ambiguity in a charging provision, benefit must necessarily go in favour of assessee but the same is not true for an exemption notification. When there is ambiguity in exemption notification which is subject to strict interpretation, the benefit of such ambiguity cannot be claimed by the subject/assessee and it must be interpre...

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Posted Under: Custom Duty |

7 Post Budget Suggestion on Custom Law by ICAI

ICAI submitted sugesstion on 1. Levy of Integrated Tax on goods remaining in Bonded warehouse 2. Audit of assessment of imported or exported goods. 3. Power to issue supplementary notice 4. Communication of an order, decision, summon, notice etc. under Customs Act, 1962 through electronic mails. 5. Requirements for being an applicant o...

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Posted Under: Custom Duty |

CBEC: Why should officials cheat & indulge into frivolous litigation

Rajiv Gupta The moot question is what the worth of the laws in this country is! Are they even worth the paper on which they are printed? The officials indulge into outright cheating & even abuse the beneficiary or issue veiled threats. This is the ground reality & no one seems to be bothered. The […]...

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Posted Under: Custom Duty |

Sale in the Course of Import

Goods imported into India are cleared for home consumption by payment of custom duty under Section 12 of the Customs Act, 1962 on the value determined under Section 14 of the Act....

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Posted Under: Custom Duty |

Budget 2018 – Proposed Changes in Customs Law

Changes in Customs tariff ( Rates):- Make in India theme, Reduction in duty on raw materials, Increase in duty on finished goods Significant Changes in Legislative Changes in Customs Act, 1962 Changes in Customs tariff Act, 1975...

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Posted Under: Custom Duty |

Procedure for AEO certification and Benefits of AEO under Customs

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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Posted Under: Custom Duty |

Brief on Drawback Provisions with effect from 01.10.2017

Duty Drawback provisions are made to grant rebate of duty or tax chargeable on any imported / excisable materials and input services used in the manufacture of export goods....

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Posted Under: Custom Duty |

Budget 2018 Video presentation on important changes in Indirect Taxes

For understanding key highlights of the Budget, Mr. Bimal Jain has recorded a Video Presentation on Union Budget, 2018, discussing the various amendments brought/proposed in Indirect Taxes along with suggesting the GST road map which could have been the part of Budget....

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Posted Under: Custom Duty |

e-SANCHIT Under Customs – A Brief Note

As part of its “Ease of Doing Business” Initiatives, the Central Board of Excise & Customs (CBEC) has launched e- SANCHIT facility on a pilot basis recently for paperless processing and to facilitate the trading across Borders with ease....

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Posted Under: Custom Duty |
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