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Set back to Indian Exports to USA: Dispute on Export subsidies

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...

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Posted Under: Custom Duty |

Analysis of Manufacture and Other Operations in Warehouse (no. 2) Regulations, 2019

Central Board of Indirect Taxes and Customs (CBIC) has recently issued Notification  Notification 69/2019-Customs (N.T.) dated 01 October 2019. Please find below brief of the update for your reference. This notification has been issued to issue new regulation namely “Manufacture and Other Operations in Warehouse (no. 2) Regu...

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Posted Under: Custom Duty |

Authorized Economic Operator Programme

AEO is a voluntary programme. It enables Indian Customs to enhance and streamline cargo security through close cooperation with the principle stakeholders of the international supply chain viz. importers, exporters, logistics providers, custodians or terminal operators, custom brokers and warehouse operators. The Circular 33/2016 – Cust...

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Posted Under: Custom Duty |

Authorized Economic Operator (AEO)

About AEO AEO is a program under the aegis of the World Customs Organization (WCO) SAFE Framework of Standards to secure and facilitate Global Trade. The programs aim is to enhance international supply chain security and facilitate movement of legitimate goods. AEO is a voluntary compliance program. It enables Indian Customs to enhance an...

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Posted Under: Custom Duty |

Direct Port Delivery (PDP) Scheme For Exim Clearances- Under Customs

CBIC has taken various steps which have had the impact of reducing the dwell time as well as bringing down the logistics cost of EXIM clearances. One of the flagship initiatives in this regard has been the Direct Port Delivery (DPD) of containers to the importers thus obviating the need of routing the clearance through […]...

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Posted Under: Custom Duty |

Budget 2018 – Proposed Changes in Customs Law

Changes in Budget ♠ 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 Budgetary Changes Customs Duty Rates Customs Tariff: Notification No. 6/2018-Custo...

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Posted Under: Custom Duty |

Budget 2019: Exhaustive analysis of amendments in Customs Act 1962

Article contains Clause wise Amendments in the Customs Act, 1962 vide Finance (No.2) Bill, 2019 and Other Proposals Involving Changes In Basic Customs Duty Rates,  Clarificatory Amendments In Respective Rate Notifications, Effective change in rate of Road and Infrastructure Cess on Petrol and Diesel, Amendment In The Sixth Schedule To F...

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Posted Under: Custom Duty |

Budget 2019 Amends Customs Tariff Act, 1975 & First Schedule

Section 9 is being amended so as to insert sub-section (1A) to provide for anti-circumvention measure in respect of countervailing duty. (Clause 85). Section 9C is being amended so as to provide that appeal against an order of determination or review regarding the existence, degree and effect of increased volume of imports of any article ...

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Posted Under: Custom Duty |

Proposed Amendment in Customs Act, 1962 & Service Tax

Proposed Amendment in the Customs Act, 1962 and Service Tax – Union Budget 2019 The legislative changes would come into effect only upon the enactment of the Finance (No. 2) Bill, 2019. Proposed Amendment in the Customs Act, 1962 Current provisions Proposed provisions Effect Section – 41 (Delivery of departure manifest or export m...

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Posted Under: Custom Duty |

Highlights of Budget 2019- Direct and Indirect Tax

Income Tax Highlights of Budget 2019 1. No change in Income Tax in case of income up to Rs 2 crores. 2. Income Tax return can be filed using either Aadhar Number or PAN No. 3. Surcharge – √ Taxable income from Rs 2 crore to Rs 5 crore- Surcharge has been increased from 15% […]...

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Posted Under: Custom Duty |