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Warehousing / Bonded Movement under Customs Act, 1962 & Provisional Assessment

In This Article, We Will analyse various Provisions of Custom Laws in context to ‘Custom Bonded Warehousing, Warehousing/bonded movement under the Custom Act 1962, Provisional Assessment of duty, Claim of refund of customs duty, Procedures of clearance of goods for Home consumption, warehousing bond, Manufacture and other operation ...

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Posted Under: Custom Duty |

Principle of unjust enrichment not applicable to pre-deposit made under protest during pendency of appeal

Amount deposited during the pendency of the appeals before the Hon’ble Supreme Court has to be construed as having paid under protest and has to be refunded without insisting on such importer or manufacturer satisfying the requirement of unjust enrichment as in the case of pre deposit....

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Posted Under: Custom Duty |

Waste Paper Import-End Use Certificate Ends

The last budgetary changes, one leap ahead on the path of ease of doing business, has brought much needed respite to the importer of recovered waste paper by switching over from tedious practice of submission of utilization certificates in the form of End Use Certificates to trust based and self-regulated compliance. In this expatiation b...

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Posted Under: Custom Duty |

Agriculture Infrastructure & Development Cess- Implementation Challenges

In last budget proposals, Clause 115(1) of the Finance Bill,2021 has introduced Agriculture Infrastructure and Development Cess (in short ‘AIDC’) on the goods specified in the first schedule to Customs Tariff Act, 1975  on being imported into India. Further, in clause wise explanation in the Memorandum, it has been clarified ...

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Posted Under: Custom Duty |

Exhaustive Analysis of Custom Duty Changes- Budget 2021

Article explains Changes in Custom duty proposed/carried out by Union Budget 2021 and explains Amendment in the Custom Act, 1962, Amendments in Customs Tariff Act, 1975, Amendments In First Schedule To Customs Tariff Act, 1975, Changes In Customs Rules, Other Proposals Involving Changes In Basic Customs Duty Rates In Respective Notificati...

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Posted Under: Custom Duty |

Key Changes Under Customs & Excise- Union Budget 2021

Union Budget 2021 – Changes Under The Customs And Excise- This document summarises the Key changes made/ proposed under the Customs and Excise – Section wise in comparative manner for easy digest. CUSTOMS Unless otherwise stated, all changes in rate of Customs duty take effect from the midnight of 1st February/ 2nd February 2021. ...

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Posted Under: Excise Duty |

CAROTAR, 2020: A Valid Cause For The Buoyant Custom Collections?

The role of customs as one of the pillars of international trade facilitator is rising rapidly in the global supply chain to keep pace with the ever-growing cross border trade. Where the direct tax collection has drastically declined, the share of indirect taxes, i.e. GST collections has shown an unexpected growth. In December, 2020 the [...

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Posted Under: Custom Duty |

CBIC introduces flagship Liberalised AEO Package for MSMEs

About AEO In 2011, Indian Authorised Economic Operator (AEO) Programme was introduced by Central Board of Indirect Taxes & Customs (“CBIC”). In 2012, Government came up with further rules and instructions in reference to AEO Programme. Administered by CBIC, the Indian AEO Programme is a voluntary programme that applies to all busi...

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Posted Under: Custom Duty |

Valuation by Special Valuation Branch in Custom

The valuation of goods is always a matter of concern especially where the goods are imported into India. The value determination may influence the price of goods in India and may impact the competition environment in India. Therefore, proper valuation by custom officer becomes more important and challenging. As per Custom Act, 1962, the v...

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Posted Under: Custom Duty |

Customs Faceless Assessment Good Intensions – Strong Resistance

Trade Facilitation is a key enabler for simplification of procedures and reduction of barriers to the trade.  The major Objective of Trade Facilitation is to Reduce Time and Cost for the EXIM community and help them become more competitive in the International Arena. In line with this momentum, CBIC has implemented next generation reform...

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Posted Under: Custom Duty |