Customs Act

Where the taxpayers are doubtful on whether they will be penalized, it makes sense to opt for settlement and get a quick closure. For them, the latest FAQs give a quick initiation

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

Central Board of Indirect Taxes & Customs has streamlined the monetary limit for exercising arrest, prosecution and bail with respect to offences committed under the Customs Act

the duty concessions are available under exemption notifications and some of them mandate the procedures prescribed under the said IGCR Rules.

Many Customs notifications allow imports at lower or nil rates of duty, specified goo­ds for use in the manufacture of specified products

Criminalising publishing of Customs data is a bad idea

The FY23 Budget has proposed to introduce section 135AA in the customs act through the Finance Bill for "protection of data".

Three show-cause notices have been issued to the mobile maker for demand and recovery of duty for April 2017-June 2020

The department 10 day ago sent a letter to tell India's largest port operator it needed permission, says ET.

The Customs can refuse permission under Section 46(5) if the interests of revenue are adversely affected.

Counsel for companies raises concerns about whether or not well accepted, judicially tested, fair and proper procedures are being followed during such arrests

The trade views these measures with suspicion and alerts the government to possible unintended consequences of the proposed amendments

Rule 3(3)(a) of the Customs Valuation Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined

The CBIC has invited comments on the same by August 21. A comprehensive review would be undertaken by September

The specific provision under the Customs Act, 1962 is Section 26A that allows refund of import duty if the imported goods are found defective

Most importers will find it difficult to comply with these requirements, as they have no independent means to verify the origin criteria

Proposed amendments in Section 104 of the said Act would allow arrest of any person fraudulently obtaining duty credit scrips for more than Rs 5 million

Importers may need to make payment of customs duty on the same day when bill of entry is filed

Removing blanket duty exemption for defence goods may delay modernisation and maintenance programmes of fighter planes