Filter Posts

Reset
Found 224 Results

Decoding India’s Trade Agreements – Part –1

In the recent years, the world is witnessing a rapid proliferation of Free Trade Agreements (FTAs). The world trading system has witnessed an increasing number of integration initiatives in recent years on the back of comparative advantages. For India too it became necessary to be integrated into the global trade to attain its economic gr...

Read More
Posted Under: Custom Duty |

IMO 2020 Carriage Ban Comes into Effect

The International Maritime Organization is an agency tasked with improving the security and safety of international shipping. One of its key duties is to devise strategies and measures to keep the waterways clean by preventing marine pollution from ships. International Maritime Organization (IMO) is an agency of the United Nations which ...

Read More
Posted Under: Custom Duty |

Fable of tumbling Indian SEZ

This explains the whole anatomy of the declining interests of exporters in investing in Special Economic Zone (SEZ).  Let's have a glimpse on the current situation of SEZ....

Read More
Posted Under: Custom Duty |

Negetive List of Duty Drawback (Section-76) under Custom Act,1962

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 […]...

Read More
Posted Under: Custom Duty |

RoSCTL Scheme on export of garments and made-ups

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....

Read More
Posted Under: Custom Duty |

Duty Credit Ledger Under Customs

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 […]...

Read More
Posted Under: Custom Duty |

5% Health Cess on Import of Medical Devices w.e.f. 2nd Feb 2020

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....

Read More
Posted Under: Custom Duty |

Circulars cannot prevail over Statute: Madras High Court

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 ...

Read More
Posted Under: Custom Duty |

Direct Payment of THC to Terminals – A Measure to Bring in Transparency

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 […]...

Read More
Posted Under: Custom Duty |

Madras HC denies exemption benefit w.r.t. imports made prior to registration under Rules

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....

Read More
Posted Under: Custom Duty |