Customs Revenue

Industry body Assocham has sought reduction in basic customs duty and correction of inverted duty structure on critical raw materials for the aluminium industry as high import duties is a huge disadvantage for the sector heavily dependent on imported raw materials. In its pre-Budget memorandum 2023-34, Assocham said high import duty on raw materials results in Indian finished goods getting costlier and uncompetitive in international markets, rendering negative protection against cheaper imports of finished products, and discourages domestic value addition within the country. "The average production cost of Indian aluminium producers is amongst highest in the world, majorly due to high incidence of unrebated Central & State taxes and duties on inputs/ raw materials accounting for 18-20 per cent of aluminium production costs," it said. In a bid to improve the cost structure of the Indian aluminium industry and enhance competitiveness, the basic customs duty on critical raw ...

CBIC come across 12-13 cases of import-export data leaks to dark web

Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23

The customs department has issued controlled delivery regulations authorising officers to track suspicious consignments of items, including gold, precious stones, drugs and cigarettes. The move, an official said, is aimed at checking smuggling and to trace the real culprit. As per the Controlled Delivery (Customs) Regulations, 2022, a customs officer at the ports can earmark both export and import consignments for controlled delivery on "reasonable belief" that it is "suspect". The list of items under the regulation are narcotic drug and psychotropic substances; gold, silver in all forms, precious and semi-precious stones, liquor; currency; cigarettes, tobacco; wildlife products and antiques. As per the regulations, the customs officer can, if needed, install tracking devices to monitor the movement of suspect consignment. According to a gold industry expert, this regulation can be applied to any movement by the Directorate of Revenue Intelligence or other agencies like ED, which

PepsiCo India has also been gaining market share in India since the start of 2022.

The CBIC has asked field offices not to deny Customs duty exemptions to importers of oxygen-related equipment merely for not adhering to import procedures during the second wave of the Covid-19

The consignment was of diamonds having 1,082-carat weight

If adjudication is not completed within the prescribed time limits, it will be deemed that no SCN was issued, say expert

The initiative is also aimed at bringing uniformity with the data/ information captured in the Goods and Services Tax Network (GSTN), it added

Customs revenue has registered a growth of 26 per cent in the first six months of the financial year