Imported Goods

The Supreme Court has dismissed the customs department appeal against Adani Power Maharashtra Ltd. (APML), Adani Power Rajasthan Ltd. (APRL) and others in alleged over-valuation of imported goods

The CBIC on Wednesday came out with a mechanism to check the undervaluation of imported goods under which two committees comprising tax officers will be set up for screening and evaluation

Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported

The new rules now say they come into play even in situations where the notifications prescribe end use of imported goods but do not specifically prescribe application of the new rules.

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties

The inspection obligation was thus replaced by a statement in which the importer declares that the product meets international energy efficiency requirements

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. This risk-based scrutiny would be meant for 'Second Check Bill of Entry', under which imported goods do not have to mandatorily go through physical examination. Customs officers do assessment of the imported goods on the basis of the documents submitted to the authorities. A BoE is filed by importers or their agents to the Customs department before the arrival

Sequentially, numbers likely to decline, since June quarter is seasonally weak

There has also been an increase of 7 per cent in freight leads, or the distance travelled for transportation of goods, which is a source of higher revenue for the railways

Government officials also told industry representatives that exports and domestic production are inter-linked

Today the country is encouraging talent, trade and technology as much as possible. Today the country is registering dozens of start-ups every day, creating a unicorn every week, PM Modi said

Fresh rules on product standards and a steep rise in basic customs duty have altered the dynamics of the industry but not necessarily to the benefit of small players

We exported certain goods last year and received full payment. The buyer rejected a part of the consignment

The Faceless Assessment is being rolled out under the umbrella of the next generational Turant Customs programme.

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

The proposed Border Adjustment Tax would be imposed on imported goods in addition to customs duty to bring the imported product at par with locally-made products.

A large number of items including cigarettes, chewing tobacco along with imported products, like edible oils, fans, table, footwear, electric vehicles, tableware, kitchenware, toys and furniture are set to become more expensive due to hike in taxes proposed in the Union Budget for 2020-21. On the other hand, newsprint, sports goods, microphone will become cheaper as Finance Minister Nirmala Sitharaman proposed reduction in duties on these items in the Budget for 2020-21. Following is a list of imported items that will become costlier following the announcements in the Budget -- > Butter ghee, butter oil, edible oils, peanut butter > Whey, meslin, maize, sugar beet seeds, preserved potato > Chewing gum, dietary soya fibre, isolated soya protein > Walnuts (shelled) > Footwear, shavers, hair clippers, hair-removing appliances > Tableware, kitchenware, water filters, glassware > Household articles of porcelain or china > Rubies, emeralds, sapphires, rough

India's overall imports stood at $514 billion in 2018-19, up by 11 per cent from the previous year

Now, the prospective importers of this product shall have to apply for a licence from the DGFT

All-in-cost includes rate of interest, other fees, expenses, charges, and guarantee fees