Search Result for : Customs

Seeks to increase tariff rate of BCD on populated

Dated 2nd April, 2018 | Copy of | CUSTOMS NOTIFICATION 36 WHEREAS the Central Government on being satisfied that the import duty leviable on populated, loaded or stuffed printed circuit boards, falling under tariff item 8517 70 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), should be increased and that circumstances exist which render it necessary to take immediate action.  NOW, therefore, in exercise of the powers conferred by sub-section (1) of section 8A of the said Customs Tariff Act, the Central Government, hereby directs that the First Schedule to the said Customs Tariff Act, shall be amended in the following manner, namely:- In the First Schedule to the said Customs Tariff Act, in Section XVI, in ...

Specified Customs Airport appointed as International Courier terminals.

  Dated 28th March, 2018 | Copy of | Customs Notification   In exercise of the powers conferred by clause (f) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962) and in supersession of the notification of the Government of India, in the Ministry of Finance, Department of Revenue No.80/2010-Customs (N.T.), dated 9th September, 2010 published in the Gazette of India, Extraordinary, vide number GSR 742(E), dated the 9th September, 2010, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs, hereby appoints the following customs airports in the places given below additionally as international courier terminals:- Provided that in respect of the above international courier terminals, sub-regulation ...

Customs (N.T.). dated the 2nd May, 2012 amended

Dated 14th December, 2017 | Copy of | Notification No.115/2017-Customs   In exercise of the powers conferred by clause (34) of section 2 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.40/2012-Customs (N.T.), dated the 2nd May, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O.993(E), dated the 2nd May, 2012, namely:- In the said notification, in the Table.- (i) against serial number 4, in column (3) after item (ii), the following item shall be inserted, namely:-   (ii) after serial number 7 and the entries ...

Customs (Furnishing of Information) Rules, 2017 notified.

Dated 14th December, 2017 | Copy of | Notification No.114/2017-Customs In exercise of the powers conferred by sections 108A read with section 156 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement. - (1) These rules may be called the Customs (Furnishing of Information) Rules, 2017. (2) They shall come into force from the 1st day of January, 2018. 2. Definition. - (1) In these rules unless the context otherwise requires. - (a) “authorised person” means any person authorised by the class of person referred to in column (2) of the Table given in rule 3: (b) “Information-Administrator” means the proper officer specified by ...

Customs instructs officers not to penalise importers for technical delays during filing of Bill of Entry

The Dollar Business Bureau The Customs department takes cognizance of the technical difficulties faced by importers during filing of Bill of Entry and orders that payment of late charges should not be levied by the concerned customs officer subject to sufficient cause of the delay. In its latest notification dated August 31, 2017, vide Customs instruction no: 12/2017, the department takes notice of the challenges faced by importers during filing of Bill of Entry. “Many a time, importers have not been able to file Bill of Entry for clearance of imported goods within stipulated time period because of certain technical problems related to ICEGATE connectivity, server etc. It Is also brought to notice of the Board that there are instances when, even after ...

Duty Drawback Scheme and GST

By Ranjeet Mahtani and Suhasini Joshi The Duty Drawback Scheme introduced for incentivizing and facilitating exports has been continued under the GST regime. This drawback scheme is an export beneficiation where either a part, or in some cases the entire customs and central excise duties levied on inputs used in manufacturing export goods and Service tax on services used for export of such goods are refunded by the Central Government to the exporter. The exports that are eligible under this scheme are: export of goods which were imported into India as such, or export of goods which were imported into India for use for identified purposes and export of goods which are manufactured or produced out of materials which were either imported or indigenously procured. Under this ...

Pre-GST tax collection increased 14.8% to Rs 1.42 lakh crore in June

The Dollar Business Bureau The direct tax collections increased 14.8% in June this year compared to the same month last year, according to the provisional figures released by the Ministry of Finance on Thursday. “The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs.1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year,” said an official statement.  The net direct tax collections indicates 14.5% of the overall Budget estimates of direct taxes of Rs.9.8 lakh crore for the fiscal of 2017-18, it said. The gross collections under corporate income tax (CIT) increased 4.8%, whereas those under personal income tax (PIT) including the securities transaction tax (STT) grew at 12.9, according to the statement. However, ...

India and Jordan ink the revised Economic and Trade Cooperation Agreement

The Dollar Business Bureau  India and Jordan discussed ways of increasing bilateral trade and deepening their engagements for greater cooperation in investment sector at the 10TH India-Jordan Trade and Economic Joint Committee (TEJC) Meeting on Wednesday. During the TEJC meeting, the two sides also reaffirmed their mutual interest and discussed the roadmap for cooperation in various fields such as Fertilizer Sector, Customs, Double Taxation Avoidance Agreement, Visa and Consular issues, Health and Pharmaceuticals, Micro, Small and Medium Enterprises, Maritime Transport, Rail Transport, and Air Transport, Renewable Energy, Energy Efficiency, and Smart Grid development, Information Technology, Higher Education and Vocational Training, Agriculture sector etc. The government press release said, that the Indian side represented by the Commerce and Industries Minister, Nirmala Sitharaman and Yarub ...