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Indirect Tax Customs 002001

  • Mandatory self-sealing of export containers deferred to Nov 1
    Sep 25, 2017
    The finance ministry has deferred by a month the mandatory self-sealing of export containers and use of radio-frequency identification tags to November 1 as traders are facing difficulties in locating vendors of the tracking devices. In a bid to improve ease of doing business, the Central Board of Excise and Customs (CBEC) in the ministry has decided to do away with the sealing of containers with export goods by officials and move towards a trust based compliance environment.The process had to come into force from October 1, but "considering the difficulties expressed by trade associations in locating vendors for RFID seals, the Board had decided that the date for mandatory self-sealing and use of RFID container seals is deferred to November 1, 2017", said a CBEC circular.
  • With Rs 1.56 lakh cr stuck in litigation, CBEC orders officers to target Rs 10 cr and above cases, deliver quick solutions
    Sep 19, 2017
    With legal cases piling up and blocking revenue flow, the Central Board of Excise and Customs (CBEC) has urged its field formations across the country to expedite resolution of disputes that are worth over Rs 10 crore. There are over 3,000 such pending cases with an accumulated revenue demand of Rs 1.56 lakh crore. In a ‘litigation management’ meeting last month, the revenue secretary is believed to have asked the CBEC to pay special attention to pending cases involving over Rs 10 crore.
  • Self-seal export cargoes without Customs monitoring from October 1
    Sep 06, 2017
    The Customs department has allowed self-sealing procedure from October 1 for containers to be exported, as it aims to move towards a 'trust based compliance environment' and trade facilitation for exporters.In a circular to all Principal Chief Commissioners, the Central Board of Excise and Customs (CBEC) said exporters who were availing facility of sealing at the factory premises under the supervision of customs authorities will be automatically entitled for self-sealing facility. It said that permission once granted for self-sealing at an approved premise will remain valid unless withdrawn. However, in case of change in the premise, a fresh approval from Customs department will be required.
  • Customs department to do away with supervised sealing of containers from October
    Aug 26, 2017
    Keen to reduce inspector raj from movement of India's exports, the customs department is devising a plan that will allow goods to move from factory to ships without any checks. From October, consignments would not be required to be sealed in the presence of inspectors. Instead they will sport an RFID chip with details of the consignment that can be accessed by a reader. "Supervised sealing of containers will be discontinued from October," said a government official. Instead, electronic self-sealing with RFID chip will be introduced, the official added. Only those consignments with perceived risk will be closely examined.
  • Gold consignments from South Korea to face strict customs scrutiny
    Aug 21, 2017
    The Customs authorities have decided to examine thoroughly the consignments of gold coming from South Korea to ensure that there is no violation of provisions of free trade agreement, a senior official said. The issue was deliberated upon in details during a meeting last week of the department of commerce, customs authorities, officials of economic affairs and the Reserve Bank. The government is worried over sudden surge in imports of the precious metal from South Korea, with which India has a free trade agreement (FTA) since January 2010.
  • Anti-dumping duty likely on a chemical from Canada, China, EU
    Aug 17, 2017
    The government may impose anti- dumping duty of up to $120.14 per tonne on a chemical used in sectors such as dyes and pharmaceuticals from Canada, China and the European Union (EU). The duty aims at guarding domestic players from cheap imports. Directorate General of Anti-dumping and Allied Duties (DGAD) has found that domestic industry is impacted due to the “dumped imports” of ‘sodium chlorate’ from Canada, China and the EU. “The authority recommends imposition of anti-dumping duty …so as to remove the injury to the domestic industry,” DGAD, the investigation arm of the commerce ministry, said in a notification. It recommends imposition of the duty, while the finance ministry imposes the same.
  • Govt imposes anti-dumping duty on 93 Chinese products
    Aug 10, 2017
    Indian markets are flooded with cheap products from China directly affecting the profitability of the domestic industry. The issue got highlighted when the big players in the Indian tyre industry requested Indian government to impose anti-dumping duty on import of Chinese truck and radial tyres.As a result, the government imposed anti-dumping duty on 93 products on Wednesday. "Anti-dumping duty is in force on 93 products concerning imports from China," said Commerce and Industry Minister Nirmala Sitharaman in a written reply to Rajya Sabha.These 93 products belong to a broad group of chemicals and petrochemicals, products of steel and other metals, fibres and yarn, machinery items, rubber or plastic products, electric and electronic items and consumer goods, among others.
  • Government imposes 10% customs duty on chargers and adapters
    Jul 18, 2017
    The government has imposed a 10% basic customs duty (BCD) on imported chargers and adapters, while exempting parts or raw material used for making these products out of the duty ambit. The move reinstates an advantage that local manufactures had before the introduction of GST. The industry welcomed the move, saying the step would provide stimulus to local manufacturing and take care of a loophole in rules that allowed for the import of chargers or adapters without paying any duty.
  • CBEC relaxes norms on bonds under GST to help exports take off
    Jul 10, 2017
    In a significant relief for exporters who have been facing difficulties under the new tax regime, the Finance Ministry has now relaxed rules for Goods and Services Tax and has said that exports can continue under existing bonds and letters of undertaking till July 31. Exporters can now submit bonds or LUTs in the revised format for GST by the end of the month.Various communications have been received from the field formations and exporters that difficulties are being faced in complying with the procedure prescribed for making exports of goods and services without payment of integrated tax with respect to furnishing of bonds or LUT,” said the Central Board of Excise and Customs (CBEC) in a recent circular.Under rule 96A of Central GST, exporters have to furnish a bond or LUT in Form GST RFD-11 instead of payment of integrated GST to release their consignments. The CBEC has clarified that exporters can submit a running bond instead of a consignment-wise bond, which would cover the amount of tax involved in the export as estimated by the exporter.
  • Centre imposes 10% basic customs duty on mobile phones
    Jul 03, 2017
    The Centre has imposed 10 per cent basic customs duty on cellular mobile phones. This levy will be applicable from July 1.This will also be applicable on specified parts of cellular mobile phones including the charger, battery wire headset, microphone and receiver, keypad and USB cable.The present exemption from basic customs duty on specified parts of mobiles namely Printed Circuit Board Assembly (PCBA), camera module, connectors display assembly, touch panel/ cover glass assembly, vibrator motor/ ringer will continue, an official release said.
  • Government imposes 10% customs duty on imported mobile phones
    Jul 01, 2017
    India will begin imposing basic customs duty (BCD) on smartphones of 10% from July 1 making imported devices more expensive than locally made ones, a move that will bring relief to international investors like Foxconn and iPhone maker Wistron, as well as Indian companies that have invested heavily in setting up factories in the country.The move will stimulate investments of more than Rs 1,000 crore that have been on the fence for lack of clarity on the price differential incentive as India shifts to the goods and services tax (GST) regime. Before GST, the duty structure made imported phones more expensive than locally made ones, but that difference was set to be evened out after GST.
  • I-T return gets simpler for salaried individuals
    Jun 26, 2017
    The Income tax return for salaried individuals (having income up to Rs. 50 lakh) just got simpler with the CBDT coming up with a single page form, as against seven page one earlier.The new income tax return form-1(SAHAJ), which would apply for assessment year 2017-18, could be used for those receiving income from Salary/One House Property/other income (interest etc). This simplified one page form is expected to benefit more than two crore taxpayers.
  • Govt halves import duty on some steel grades
    Jun 14, 2017
    The government has halved import duty on certain grades of steel to 5 per cent with a view to cut cost of raw material for domestic industry.The Central Board of Excise and Customs (CBEC) in a notification said customs duty on import of “hot rolled coils, cold-rolled Magnesium Oxide (MgO) coated and annealed steel, hot rolled annealed and pickled coils and cold rolled full hard (used) for the manufacture of cold rolled grain oriented steel (CRGO) steel” has been cut to 5 per cent with immediate effect.CRGO are electrical steel grades used for stampings and cores of electrical transformers and other electrical appliances.
  • Mobile operators face 10% Customs duty on 4G equipment import
    Jun 14, 2017
    Import of 4G telecom equipment by mobile telephony service providers will attract a 10 per cent basic Customs duty, a move that will impact firms investing in new technology. So far, there had been no clarity on the import duty on such equipment as to whether they are covered under the global Information Technology Agreement (ITA) — which allowed a host of IT and telecom product exemption as per basic Customs duty under WTO provisions. The Central Board of Excise and Customs (CBEC) has instructed field formations that 4G equipment import will be subject to basic Customs duty and assessment orders be passed accordingly.
  • Government sets up panel to identify items under IT Agreement
    Jun 01, 2017
    The government has set up an inter-ministerial panel to examine whether imports of products such as smartphones can be taxed without violating the country’s commitments under the Information Technology Agreement (ITA) 1997 of the World Trade Organization (WTO), official sources told FE. The panel would identify all the items that are within the scope of the ITA, and the ones outside it on which import duties can be imposed without spurring resistance at the WTO.The move comes as India intends to tax purchases of products like smartphones from overseas to not only promote local value addition but also cut a massive merchandise trade deficit, partly caused by expanding electronics imports.
  • RBI, Customs dept move to plug gaps in exim trade
    Jan 21, 2017
    The Customs Department and the RBI are sharing data to plug gaps in the export-import trade that leads to situations where remittances are made from importers’ accounts even if goods are not been shipped from the selling country. Banks usually ask for export and import documents — which include bill of lading and customs clearance — before they release funds.While India was generating a unique number for exports, it was not generating a unique number based on the shipping bill for imports.
  • Budget 2017: Peak custom duty may be cut to 7%
    Dec 28, 2016
    A suggestion to harmonise the peak customs duty on industrial goods at 7%, concrete steps aimed at doubling farm income by 2022 and shifting labour-intensive economic activity to the formal sector figured prominently as Prime Minister Narendra Modi met economists and sector-experts, ahead of the Budget 2017-18, reportsfe Bureau in New Delhi.
  • Less paper work for customs clearance from December 1
    Nov 28, 2016
    The Finance Ministry today said the customs department is moving towards a paperless regime and doing away with submission of certain documents physically by importers and exporters from December 1. The move would help importers and exporters move towards electronic messaging and paper-free environment and further enhance the 'Ease of Doing Business' by reducing or eliminating physical printouts for customs clearance, an official statement said.
  • ‘Revised trade facilitation measure to ensure speedy clearance at ports’
    Aug 22, 2016
    The Central Board of Excise and Customs (CBEC) has recently revised the Authorised Economic Operator (AEO) programme to make it more lucrative for trade in speedy clearance of cargo from ports, and reduce time and cost in cross border trade, said BK Bansal, Member (Customs), CBEC. Customs is moving away from a regime of control to facilitation and partnership. The revised AEO was launched with this in mind, he said.
  • Govt imposes anti-dumping duty on cold-rolled flat steel items
    Aug 19, 2016
    India has slapped anti-dumping duty on certain cold-rolled flat steel products from four nations including China and South Korea to guard domestic industry from cheap imports.An anti-dumping duty of the difference between the landed value of the steel products and $594 per tonne will be levied, a Finance Ministry notification said.
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