Dec 26, 2022
With the India-Australia interim trade deal set
to kick off later this month, the Central Board of Indirect Taxes and Customs
has notified the Rules of Origin. The notification, which relates to the
eligibility requirement to claim the preferential customs duty on trade in goods,
under the economic cooperation and trade agreement (ECTA), will come into
effect from December 29. This is when the ECTA will also come into effect.
RoAs specify the threshold for value addition in the country concerned to
qualify for the tax concessions under the FTA, so that the benefits are not
misused by firms based in other countries.
Dec 19, 2022
The Centre may hike the duties on imports of
"non-essential items" ahead of growing concerns around a slowdown in
exports and a widening trade deficit. Several ministries are in the process of
shortlisting the commodities for duty hikes, as reported by the Indian Express
(IE). The list will reportedly be restricted to only the commodities that have
"enough manufacturing capacity" in the country.
"We are looking at non-essential imports for which there is enough
manufacturing capacity. It is to identify non-essential items, where there is
sufficient production capacity and allow for higher import substitution,"
an official told IE.
Dec 09, 2022
Importers will have to furnish additional
information at Customs Automated System and while filing a bill of entry in
case of "specified goods"
The Central Board of Indirect Taxes and Customs (CBIC) has released the draft
rules pertaining to the Customs Valuation of imported goods, which will
effectively implement the amendment proposed in Section 14 of the Customs Act
which deals with the valuation of imported goods.
Sep 02, 2022
The finance ministry has extended concessional
customs duty on edible oil imports by another 6 months till March 2023, a move
aimed at increasing domestic supply and keeping prices under control.
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said
the existing concessional import duties on specified edible oils will be
extended up to March 31, 2023
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