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Custom Duty - Every country believes in keeping foreign reserves on a higher side to balance the economy. For that purpose, every economy tends to encourage the exports and motivate the indigenous production. To encourage the exporter every country provides a lot of benefits in terms of Duty Drawback etc. India is not behind compared to any other [&hel...
Read MoreCustom Duty - Ad hoc Exemption Order No. 4/2021-Customs read with FAQs issued by CBIC dated 7th May, 2021 Earlier CBIC issued Ad hoc Exemption Order No. 4/2021-Customs dated 03-05-2021 to providing the relief/exemption from IGST on imports of specified COVID-19 relief material. Certain procedural clarification was untouched in the said order. For answe...
Read MoreCustom Duty - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Government extends time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021-Income Tax/S.O. 1704(E)& Notification No. 38/2021-Income Tax/S.O. 1703(E) dated 27/04/2021) ♦ CBDT vid...
Read MoreCustom Duty - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ The Lok Sabha on 23rd March 2021 passed the Finance Bill, 2021 to give effect to the financial proposals of the Central Government for the financial year 2021-2022. (The Finance ACT, 2021 NO. 13 OF 2021 dated 28th March, 2021) ♦ CBDT revises Form No. 12...
Read MoreCustom Duty - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends limitation dates for passing of assessment or reassessment orders under the IT Act, that are getting time barred on 31st March, 2021 due to extension of limitation date by the notification dt. 31st December, 2020 has been extended to 30th Apr...
Read MoreCustom Duty - Central Board of Indirect and Customs had issued a Circular No. 09/2021 – Customs dated May 08, 2021, to restore the facility under Circular No. 17/2020 dated April 3, 2020, namely, ‘Measure to facilitate trade during lockdown period under Section 143AA of the Customs Act, 1962’. Taking cognizance of the difficulties listed ...
Read MoreCustom Duty - FREQUENTLY ASKED QUESTIONS Ad hoc Exemption Order No. 4/2021-Customs dated 3 May, 2021 (said Order) exempting IGST on imports of specified COVID-19 relief material subject to conditions – regarding Last Updated: 7th May, 2021 Q.1 Whether exemption from IGST under the said Order is available in case the importer buys the goods from abroa...
Read MoreCustom Duty - Details of State Nodal Authority appointed by States in respect of Adhoc Exemption Order 4/2021-Cus for IGST exemption Detail Contains State Name, Name of the Designated Person, Designation of the Nodal Authority, Office, Address of the Nodal Authority, Phone number and Email of the Nodal Authority. Download List of State/UTs Nodal Author...
Read MoreCustom Duty - Ministry of Finance Government of India Attention! Importers/Customs Brokers Important amendments regarding filing of Bill of Entry (BE) w.e.f. 29.03.2021 (Section 46 of Customs Act) ♣ BE to be filed in advance as per the following time-limits: BE is to be filed latest by end of the day of arrival of the Vessel/Aircraft/Vehicle 1. Imp...
Read MoreCustom Duty - Govt has issued following notifications related to Excise and Custom duty to give effect to Provisions of Union Budget 2021- –Notification Nos. 02/2021-Customs to 15/2021-Customs -Notification Nos. 09/2021-Customs (N.T.) to 12/2021-Customs -Notification Nos. 05/2021-Customs (ADD) to 07/2021-Customs (ADD) -Notification Nos. 01/2021-C...
Read MoreCommissioner Of Customs Vs Hanuman Prasad & Sons (CESTAT Delhi) - The issue under consideration is whether the invoice represent the true transaction value in the international market? This casual observation is not based on the factual position that emerges from the records of the case. Thus, for all the reasons above, the Commissioner (Appeals) was not justified...
Read MoreSupreme Industries Ltd. Vs CBIC & Ors. (Bombay High Court) - The issue under consideration is whether the order passed by the custom officer against the self assessment done by petitioner without stating any specific reason is sustainable in law?...
Read MoreParayil Food Products Pvt. Ltd. Vs Union of India (Kerala High Court) - The issue under consideration is whether the rejection of advance authorization against the shipments for fulfillment of export obligations is justified in law?...
Read MoreJumbo Bags Ltd. Vs DCIT (Madras High Court) - Jumbo Bags Ltd. Vs Deputy Commissioner (Madras High Court) The issue under consideration is whether demand or recovery notice passed against the judgement delivered by the apex court is justified law? In the instant case, the petitioner claimed exemption from payment of duty against the sales effect...
Read MoreSterlite Optical Technologies Ltd. Vs Commissioner of Customs & Central Excise (Supreme Court) - The issue under consideration is whether petitioner's request to withdraw appeal in respect of the excise component under Sabka Vishwas (Legacy Dispute Resolution) (SVLDR) Scheme, 2019 can be accepted by the court?...
Read MoreInstruction No. 10/2021-Customs - (13/05/2021) - This Special Drive shall be in place from 15th May 2021 to 31st May 2021. It is expected that during this period all refund and drawback claims that are pending as on 14th May 2021 shall be disposed....
Read MoreNotification No. 47/2021-Customs (N.T.) [S.O. 1857(E)] - (13/05/2021) - Tariff Tariff Notification No. 47/2021-Customs (N.T.), Dated 13.05.2021 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 13th May 2021 ...
Read MoreCase No. ADD-(OI)-15/2020 - (12/05/2021) - Case No. ADD-(OI)-15/2020 - Anti-dumping Investigation concerning imports of Acrylonitrile Butadiene Rubber (NBR) into India originating in or exported from China PR, European Union (EU), Japan and Russia...
Read MorePublic Notice No. 43/2021-JNCH - (10/05/2021) - Keeping in mind the difficulties faced by the trade and industry in the ongoing lockdown/constraints imposed in different regions of India due to resurgence of COVID- 19 pandemic, and the importance of facilitating the Customs clearance process, the Board has decided to restore the facility of accep...
Read MoreCircular No. 09/2021-Customs - (08/05/2021) - CBIC has decided to restore the facility of acceptance of an undertaking in lieu of bond by Customs formations from the date of issue of this Circular till 30.06.2021. Importers/Exporters availing this facility shall ensure that the undertaking furnished in lieu of bond is duly replaced with a prope...
Read MoreInstruction No. 10/2021-Customs - 13/05/2021
Notification No. 47/2021-Customs (N.T.) [S.O. 1857(E)] - 13/05/2021
Case No. ADD-(OI)-15/2020 - 12/05/2021
Public Notice No. 43/2021-JNCH - 10/05/2021
Circular No. 09/2021-Customs - 08/05/2021
Notification No. 29/2021-Customs (ADD) [G.S.R. 324(E)] - 07/05/2021
