Search Result for : Customs Act

Govt exempts duty on re-import of catering cabin equipment, food, drink by airlines

The Dollar Business Bureau The Government has exempted the whole of customs duty on the re-imports of catering cabin equipment, food and drink by the aircrafts of the Indian Airlines Corporation. However, the exemption is applicable on goods which were not taken on board at any foreign port or place, the notification clearly stated. “The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts, the whole of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and from the whole of the integrated tax leviable thereon under subsection (7) of section 3 of the said Customs Tariff Act, catering cabin equipment and food and drink ...

IGST, CGST and Compensation Bill receive Lok Sabha nod

By Ranjeet Mahtani and Sweta Rajan A seven-hour long debate in the Lok Sabha, resulted in the passage of the Integrated GST, Central GST and GST Compensation Bills this week. Having been introduced as ‘money bills’ the Rajya Sabha did not have the power to amend or reject bills. Now, the Bills require presidential assent to become law. In preparation for the transition to GST, the Central Government has introduced another bill in the Lok Sabha to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Central Excise Tariff Act, 1985, the Finance Act, 2001, and the Finance Act, 2005, and to repeal certain existing enactments. These amendments are essential to modify the tax levying ...

Cabinet greenflags amendments for cess removal ahead of GST

PTI The Union Cabinet today approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. The amendments in the Customs Act, 1962, allow furnishing of information relating to import or export of goods by specified persons to enable analysis and detection of cases of under or over-valuation in imports and exports. It also aims to check misuse of export promotion schemes, including the Drawback Scheme, and violations of the provisions of the Customs Act and various other laws under which Customs officials have been authorised to implement these laws. "Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent on rollout ...

Exchange Rates w.e.f. 06/01/2017

Dated 5th January, 2017 | Copy of | Notification No.1/2017-Customs (N.T.) |  In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise & Customs No.147/2016-CUSTOMS (N.T.), dated 15th December, 2016, except as respects things done or omitted to be done before such supersession, the Central Board of Excise & Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 06th January, 2017, be the rate mentioned against it in the corresponding entry in ...

Govt launches crackdown on illegal imports of Chinese crackers

Source: PIB, Government of India In pursuance of specific intelligence regarding large scale smuggling of sub-standard, poor quality Chinese make fire crackers by way of concealment and mis-declaration, strict surveillance was maintained in the local markets. Import of fire crackers in India is restricted in terms of Foreign Trade Policy by Ministry of Commerce. Import of fire crackers is allowed against a license issued by the Ministry of Commerce. The Ministry of Commerce has not issued any license in this regard, so far to any importer. Besides harming the domestic industry, fireworks of foreign origin are hazardous in nature and jeopardize public safety and health. Accordingly, in a country wide operation undertaken on October 28 to detect and seize the offending ...

Appendix 1C to Appendices & ANFs

APPENDIX – 1C STREAMLINING OF PROCEDURES RELATING TO THE EXPORT OF PERISHABLE AGRICULTURAL PRODUCE 1. Policy : There is a need to streamline the export process for perishable agriculture produce with a view to enhancing its competitiveness in the international market. The export facilitation is being effected through a series of measures, significant amongst which are : 1. Streamlining of documentation and processes; 2. Setting up of a system of multi-functional nodal agencies to operate single window system for expeditious clearing of exports; 3. Setting up of a single-point payment system for all levies and charges; d) Introduction of EDI (Electronic Data Interchange) / Web enablement; and 4. A highly responsive redressal system. 2. ...

Too early to comment on new foreign trade rules: Exporters

The Dollar Business Bureau Days after mooting a Customs Clearance Facilitation Committee (CCFC) at every major customs seaport and airport, by the Customs Board, the Directorate General of Foreign Trade (DGFT) has come up with amendments in the Foreign Trade (Regulation) Rules, 1993, and it said that the rules may be called as Foreign Trade (Regulation) (Amendment) Rules, 2015. One of the key amendments is the inclusion of services and technology on the list of exporter/importer of goods. Earlier, the importer/exporter has been defined as the one who exports/imports goods and holds a valid Importer-exporter code number. In the new amendment, the licencing authority is the Director General (DG) to grant or renew a licence, certificate, scrip or any instrument ...

Exchange Rates for Canadian Dollar and Swiss Franc revised

Dated January 30, 2015 | Notification No.16/2015 - Customs (N.T.) | S. O…. (E). – In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 09/2015-CUSTOMS (N.T.) dated the 15th January, 2015 published in the Gazette Of India, Part-II, Section 3, Sub-Section (ii), Extraordinary vide number S.O.167(E) dated, the 15th January, 2015, namely:- In the SCHEDULE-I of the said Notification, for Serial Nos. 3 & 15 and the entries relating thereto, the following shall be substituted, namely:- These rates will be effective from ...