26 June 2017
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  • 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.
  • Govt hikes electronic goods import limit for personal use
    Aug 17, 2016
    Government has substantially raised the limit for import of electronic goods 'through post or otherwise' for personal use to Rs 50,000 from Rs 2,000 earlier. "CIF (Cost, Insurance and Freight) value of import of consumer electronic items at any one time by any person through post or otherwise for personal use is enhanced to Rs 50,000," the Directorate General of Foreign Trade (DGFT) said in a notification.
  • Anti-dumping duty slapped on steel products from 6 nations
    Aug 10, 2016
    India today slapped anti-dumping duty on import of hot-rolled steel products from six nations, including China and South Korea, in a bid to shield domestic manufacturers against cheaper inward shipments.An anti-dumping duty of $474-557 per tonne was imposed on ‘hot-rolled flat products of alloy or non-alloy steel’ imported from China, Japan, South Korea, Russia, Brazil and Indonesia, the Department of Revenue in the Ministry of Finance said in a notification.The duty would be in force for six months till February 7, 2017.The anti-dumping duty was imposed on the recommendation of the Directorate-General of Anti-Dumping (DGAD).
  • Dumping duties soon on steel imports from China, Korea & Japan
    Jul 21, 2016
    The domestic steel industry is set to get stronger and long-lasting protection in the form of anti-dumping duties on cheap imports of specified varieties of hot-rolled and cold-rolled coils from China, Japan and South Korea. The Directorate General of Anti-dumping and Allied Duties, which launched probes into imports of these primary and secondary products from these countries in April to ascertain whether they caused injury to domestic industry, is understood to have favoured imposition of duties.
  • Anti-dumping duty imposed on plain MDF board from Vietnam, Indonesia
    Jul 18, 2016
    The Finance Ministry has imposed definitive anti-dumping duty on Plain Medium Density Fibre Board (MDF) imports from Vietnam and Indonesia. Anti-dumping duty on Plain MDF Board — also known as Custom-wood or Craft-wood in market parlance — will be levied on boards having a thickness of 6mm or above and will be valid for a period of five years. The petition seeking an anti-dumping probe on MDF was jointly filed by Greenply Industries and Mangalam Timber Products. Rushil Decor Ltd, which accounts for 20 per cent of production, had supported the petition. MDF is widely used for partitions, modular furniture and cabinets due to its smooth and uniform finish. The product is produced in two-types — plain and laminated. The scope of the current petition did not include laminated MDF board.
  • Dumping duty imposed on PTA imports from 5 countries
    Jul 09, 2016
    The Finance Ministry has imposed definitive anti-dumping duty on purified terephthalic acid (PTA) imports from China, Iran, Taiwan, Indonesia and Malaysia. PTA -- a white, free flowing crystalline powder-- is the primary raw material for the manufacture of polyester chips which in turn is used in a number of applications in textiles, packaging, furnishings, consumer goods, resins and coatings. MCC PTA India Corp Pvt Ltd and Reliance Industries Ltd had filed the petition seeking levy of anti-dumping duty on PTA imports from these four countries. Indian Oil Corporation, another producer of PTA, had supported the petition. Based on the recommendations of the designated authority in its final findings, the revenue department has imposed anti-dumping duty that ranged from $83.08 per tonne to $168.76 per tonne depending on the producer and country of export.
  • Minimum import price for steel may be extended by six months
    Jul 05, 2016
    The minimum import price (MIP) for steel imposed in February for six months could be extended by another six months from August 31, the current date of expiry. Heeding the demand of primary steelmakers, the steel ministry has already recommended to the Prime Minister’s Office (PMO) extension of the MIP, sources said.India had imposed the tariff measure on 173 products to rein in cheaper imports from China, Japan and Korea among others in the range of $341-$752 per tonne.
  • Government slaps anti-dumping duty on steel pipes and tubes from China
    May 19, 2016
    Government has imposed a provisional anti-dumping duty for six months on seamless tubes, steel pipes , among others imported from China . In March, the Directorate General for Anti-dumping and Allied Duties ( DGAD ) had recommended to the Revenue Department to impose provisional levy on import of certain types of iron and steel pipes from China used in oil and gas exploration in a bid to protect the domestic industry from cheap imports.
  • Customs to affix one-time lock on goods reaching warehouse
    May 17, 2016
    A one-time-lock or bottle seal will be affixed on goods arriving at warehouse, said the Revenue Department as it tweaked norms for removal of goods from a customs station. "The regulations require that goods arriving at the warehouse from a customs station shall be affixed with a one-time-lock (bottle seal) with its serial number endorsed upon the bill of entry for warehousing and the transport document," said the Central Board of Excise and Customs (CBEC).
  • Government may impose anti-dumping duty on chemical from US, China
    May 13, 2016
    India is expected to impose anti-dumping duty of up to $0.40 per kg on imports of a chemical, used in pharma and agrochemicals industry, from the US and China to protect domestic players. In its final findings, the Directorate General of Anti-Dumping and Allied Duties (DGAD), under the Commerce ministry, has found that "Methyl Acetoacetate" has been dumped from these countries and due to that domestic players have suffered material injury.
  • Govt may extend antidumping duty on a chemical from 6 nations
    Apr 29, 2016
    Government may further extend the anti-dumping duty levied on imports of a chemical, used in plastic and other industry, from six countries, including China and Korea, to protect domestic players from cheap shipments.In the final findings of the sunset review, Directorate General of Anti-dumping and Allied Duties (DGAD), has suggested the duty of up to Rs 379 per tonne on the imports of 'Poly Vinyl Chloride (PVC) Paste/ Emulsion Resin'.
  • Scrupulously follow rules in clearing gifts: FinMin to Customs
    Apr 13, 2016
    Taking a serious note of delay in Customs clearance of gifts coming through couriers, the revenue department has asked top officials to "scrupulously" follow rules while dealing with packages sent by overseas Indians. The Central Board of Excise and Customs (CBEC) said it has received representations on problems faced by Indians abroad who wish to send gift items to India through courier.
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