Excise And Customs Duty

AAP used excise scam to generate illegal funds, caused Rs 2,873 cr loss: ED

The ED has claimed in its charge sheet before a court here that the Delhi Excise Policy, which caused total loss of Rs 2,873 crore to govt exchequer, was a device created by Aam Aadmi Party (AAP) leaders, some of who are part of Delhi government, to generate illegal funds. In its first charge sheet filed in the scam, the agency alleged that the constitution of expert committee and calling of public opinion were merely eyewash and their reports were never to be implemented. The policy was formulated with deliberate loopholes, inbuilt mechanism to facilitate illegal activities and is marred with inconsistencies which when looked deeply, reflect malafide intentions of the policymakers, it alleged. This policy promoted cartel formations through back door, awarded exorbitant wholesale (12 per cent) and huge retail profit margin of 185% and incentivized other illegal activities on account of criminal and political conspiracy of leaders of AAP, it alleged, adding that the 12 per cent profi

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

CBIC offers clarity on classification of cranes for GST, customs duty

Experts say this would reduce litigation in courts, as different classes of cranes attract different tax rates

Delhi govt to open 500 liquor stores as old excise duty policy returns

Under the Excise Policy-2021, Delhi government withdrew itself from the liquor sale business and allowed the issuance of L-1 licences for 849 private retail liquor vendors through open bidding.

Gold, electronic goods worth Rs 3.09 crore seized at Chennai airport

Over six kilograms of gold and electronic goods worth Rs 3.09 crore were seized in multiple incidents at the airport here in the last two days, the Customs department said on Friday.

Customs dept puts gold, 8 more items under controlled delivery regulation

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

FinMin extends duty exemption on raw cotton imports till October 31

The finance ministry has extended the exemption of customs duty on raw cotton imports by a month till October 31. On April 14, the ministry had given exemption from the duty and Agriculture Infrastructure Development Cess (AIDC) till September 30, 2022, for import of cotton to lower prices in the domestic market. In a notification dated July 4, the ministry extended this till October 31, 2022. Amid rise in cotton and yarn prices, the textiles ministry had been pitching for an extension of the duty waiver beyond September. Industry too had been demanding extension of the duty-free import of cotton. Before April 14, raw cotton imports attracted 5 per cent Basic Customs Duty (BCD) and an equal percentage of AIDC. The exemption from duty would benefit the textile chain -- yarn, fabric, garments and made-ups -- and provide relief to consumers. Cotton prices have increased from Rs 44,500 per candy in February, 2021, to Rs 90,000 per candy in March 2022. Each candy weights 356 kilogram.

Centre's excise duty cut: Industries urge states to give similar relief

India Inc, traders and exporters have welcomed the Centre's move to slash excise duty on auto fuels and urged states to follow suit to provide more relief to consumers. They said the price cut would lower inflation on account of lower cost of transportation. CII welcomes the government's move to cut excise duty on fuel, which will help bring down inflation levels. The government's swift action shows its intent to bring down the burden on the common man, in addition to bringing down input cost for many sectors," CII President Sanjiv Bajaj stated. He expressed hope that following the Centre, state governments will also respond in the same manner, bringing further relief. Assocham Secretary General Deepak Sood tweeted expressing gratitude to the government "for anti-inflationary measures" including the excise cut on petrol and diesel. He said these measures "will have a positive spiral impact" on reining in inflation. The Confederation of all India Traders (CAIT) said the fuel price

Indian steelmakers face hit on Europe deals over export tax: JSPL executive

Due to a hit taken by steelmakers based in India, they would be forced to cancel European orders amid an excise cut of 15%

Budget: Assocham requests govt to remove custom duty on copper concentrate

Industry body Assocham has urged the government to reduce the customs duty on copper concentrate from the present 2.5 per cent to zero

iPhone maker Foxconn says customs clearing procedures in India resolved

Foxconn's customs clearance for cargo logistics in India has been resolved and all local regulatory procedures have been complied with, Foxconn said in a filing to Taipei stock exchange

Gold, silver utensils imports at nominal duty blocked

The new notification says any alloy in which the gold content is not less than 37.5 per cent by weight is covered