Sep 01, 2022
The Customs department will begin a standardised
risk-based faceless assessment system across the country for clearance of
imported consignments in phases starting with metal, from September 5. This
would promote ease of doing business as it would bring uniformity in customs
examination, and reduce the time taken for clearing consignments. The Central
Board of Indirect Taxes and Customs (CBIC) in a circular to field offices said
the National Customs Targeting Centre (NCTC) has developed system generated
centralized examination orders for Bills of Entry (BoE), based on various
parameters, and this will be rolled out in phases.
Aug 18, 2022
The Central Board of Indirect Taxes and Customs
(CBIC) on Wednesday increased the threshold monetary limit for prosecution and
arrest for customs violations. In baggage and outright smuggling cases, the
threshold market value of goods or foreign currency has been increased from
over Rs 20 lakh to over Rs 50 lakh for legal action. In the case of commercial
frauds, the threshold value of offending goods has been enhanced to Rs 2 crore
from Rs 50 lakh.
Jul 22, 2022
A proposal for a completely paperless customs
compliance framework for special economic zones (SEZs) is being reviewed by the
Central Board of Indirect Taxes and Customs (CBIC), said officials.
The framework will be in sync with new legislation proposed by the Centre to
turn the SEZs into comprehensive economic hubs, with larger participation of
states and further ease of compliance to attract investment.
A working group of officers recently submitted a detailed report identifying
processes which can be migrated to the ICES (Indian Customs EDI System) or the
Indian Customs Electronic Gateway (ICEGATE) system to make the customs process
automated and smooth. The CBIC has identified processes, including filing bills
of entry, filling shipping bills and risk-based examination of cargo which will
be migrated to the ICES systems. "We did a very comprehensive review of
part of the touch points between the customs and SEZ units and the processes
involved and how we can automate them," a senior official told ET.
Jul 15, 2022
The Central Board of Indirect Taxes and Customs
(CBIC) has notified controlled delivery regulation, which allows customs
officials to install tracking devices to monitor the movement of
"suspect" consignment.
The new regulation, aimed at curbing smuggling, has included gold and silvers,
narcotic drug and psychotropic substances, precious and semi-precious stones,
liquor; currency; cigarettes, tobacco; wildlife products and antiques in its
list.
This will allow a customs officer at the ports to earmark both export and
import consignments for controlled delivery on "reasonable belief"
that it is "suspect" and can monitor the movement.
The notification says that if a proper officer having a reasonable belief, that
a suspect consignment, is being imported into or exported out of India, in the
form of the baggage or otherwise, shall file a report in FORM-I proposing to
undertake controlled delivery of such consignment.
The report has to be approved and authorised by the specified officer, which
will be principal additional director general or Additional Director general of
Directorate General of Revenue Intelligence (DGRI).
As per the notification, the customs officer must seek approval as soon as
possible, but no later than 72 hours after making the controlled delivery, if
the officer is unable to get it before doing so
Jul 09, 2022
The Finance Ministry Thursday pegged the
exchange rate for dollar at Rs 79.90 for calculation of import duty with effect
from July 8, as against Rs 78.95 a fortnight ago. The sharp revision is due to
depreciation of rupee against dollar following outflow of capital caused by
various external factors, including the hardening of interest rate globally.
Similarly, in case of pound sterling, the value has been fixed at Rs 96.10 as
compared to Rs 96.70 earlier, according to a finance ministry statement.
As regards euro, the conversion rate for calculating taxes on imported goods
has been fixed at Rs 82.15 as compared to Rs 83.10 on June 16, it said.
The sharp revision in exchange rates comes in the backdrop of the rupee
depreciating by 4.1 per cent against the US dollar during the current financial
year so far (up to July 5). However, it is modest relative to other EMEs and
even major advanced economies.
Feb 03, 2022
Signalling a move to protect domestic industries
which are not necessarily capital, technology or labour intensive, Finance
Minister Nirmala Sitharaman on Tuesday introduced a slew of higher custom
duties on items of daily use such as umbrellas, headphones, earphones,
loudspeakers, smart meters, and imitation jewelry.
Who do the duty changes help and what do they signify?
Most of these products are imported from China, either as complete units or as
knocked down units which are then assembled in factories in India. For example,
the customs duty on umbrellas was doubled to 20 per cent, while exemptions
provided on import of parts of umbrellas were withdrawn. Similarly, the customs
duty on single or multiple loudspeakers, whether or not mounted in their
enclosures was hiked to 20 per cent from 15 per cent.
Feb 03, 2022
As many as 350 customs duty exemptions have been
withdrawn in the Budget 2022-23 to boost domestic manufacturing. A
comprehensive review of customs duty exemption on capital goods and project
imports undertaken and more than 40 customs exemptions to be gradually phased
out, the Central Board of Indirect Taxes and Customs (CBIC) tweeted.
In total, 350 customs exemptions are being withdrawn, the CBIC said.
The Budget tabled in Parliament on February 1 had rationalised customs duty
rate on a host of goods.
Duty on capital goods and project imports was rationalised by phasing out
concessional rates and applying a moderate tariff of 7.5 per cent.
However, exemptions for advanced machineries that are not manufactured within
the country will continue.
Jan 20, 2022
Importers of denatured ethyl alcohol, a raw
material used in hand sanitisers and disinfectants, and a constituent used in
Remdesivir, have approached the Bombay High Court after the customs department
initiated investigations into the classification of imported products.
Hearing the writ petition filed by one of the companies, Satyam Petrochemicals,
the court asked the customs department to give at least a week’s notice before
taking any "coercive steps".
The importers had claimed that the customs department had conducted seizures
that could have impacted their supply and created a shortage of the raw
material.