No more duty-free import of solar power items: CBIC
To push domestic manufacturing, the government has withdrawn a scheme, which permitted duty-free import of goods for solar power generation.
Category: customs in media
‘If they tax us, we tax them the same amount’: President-elect Donald trump slams ‘high tariffs’ by India
US President-elect Donald Trump reiterated his stance on imposing reciprocal taxes, accusing India of levying “high tariffs” on American goods and warning of similar measures from the United States.
Sun Pharmaceutical faces ₹65 lakh fine from customs for duty short payment
Sun Pharmaceutical Industries Limited has received an order passed by the Commissioner of Customs (Appeal), Mumbai-III on December 12, 2024.
Bombay High Court dismisses revenue’s appeal in customs classification dispute
Classification issues and the legal battles arising from them continue to haunt the Indian government. In yet another case, the Bombay High Court dismissed an appeal filed by the Commissioner of Customs (Imports) against Priya Limited under Section 130 of the Customs Act, 1962.
Keep interest of economy before interest of revenue’: Sanjay Malhotra
Revenue secretary Sanjay Malhotra Wednesday asked revenue officials to exercise caution when issuing high-pitched demand notices to businesses and industries, asking them to keep the interest of the economy before the interest of the revenue.
CBIC announces import duty relief on mobile phone parts
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that intermediate goods used in manufacturing cellular mobile phones will qualify for concessional import duty, even if not directly imported by handset manufacturers.
GST, customs, excise case hearings to be virtual by default now: Expert views on pros and cons
The finance ministry has made it mandatory for all Goods and Services Tax (GST), customs and excise departmental quasi-judicial/appellate authorities to conduct personal hearing for proceedings under the specified Acts through Video Conferencing (VC) i.e. in Virtual Mode. Exceptions to allow personal hearing in physical mode may be allowed on receipt of specific request from the party concerned and after recording the reasons for the same in writing, said Central Board of Indirect Tax & Customs (CBIC) in an internal circular dated November 5, 2024.
SC restores DRI’s key powers; Rs 20K cr Customs duty recovery back on track
The Supreme Court on Thursday reinstated the power of DRI officers to issue Customs recovery notices, a move that could revive tax demands totalling between Rs 20,000 crore and Rs 23,000 crore against major firms like Vedanta, Vodafone Idea, Adani Enterprises, TVS Motors, Samsung India, Godrej and Boyce Manufacturing, BSNL, Daikin, Sony India, Canon, Nikon India, Sennheiser, and Yakult Danone. As many as 95 other companies may be impacted by this decision.
CBIC asks customs officers to complete inquiry in commercial fraud cases within a year
The CBIC has asked customs field formations to disclose the specific nature of inquiry being undertaken while issuing letters/summons in export/import fraud cases and also complete investigations within a year. In an instruction, CBIC said officers must maintain a “balanced” approach during an investigation into tax evasion in import or export of goods — generally referred to as commercial intelligence/fraud (CI) cases — to avoid disruption in ease of doing business.
Govt working on revamped interest subvention scheme for exporters
With the finance ministry seeking “justification” for continuing the Interest Equalisation Scheme (IES) for exporters, the commerce department is exploring ways to revamp it to ensure the scheme meets the objectives outlined during its launch nine years ago.