Customs duty – Page 3 – OnlineTaxUpdate

Shortly after New Delhi inked a USD 100 billion free trade pact with a four-member European bloc, Norway on Sunday…

CBIC celebrates International Customs Day-2024

byAdmin29/01/202429/01/2024

The Central Board of Indirect Taxes and Customs (CBIC) today celebrated the International Customs Day- 2024 in New Delhi. This…

GST in Media

After evading customs duty, importers resort to pure alcohol to make profits

byAdmin20/09/202320/09/2023

Several firms across the state, including some from south Mumbai, are under the scanner of the Customs Department after a…

GST Article Supreme Court

Customs dues do not impact the rights of secured creditors

byCA Bimal Jain25/08/202325/08/2023

The Hon’ble Supreme Court in IDBI v. Superintendent of Central Excise and Customs and Others set aside the order passed by the division bench of the Hon’ble Andhra Pradesh High Court and held that the position in law was that the debt ‘due and payable’, when falls within the four corners of clause (a) to Section 530(1) of the Companies Act, would be treated as preferential payment, but it would not override and be given preference over the payments of overriding preferential creditors covered under Section 529A of the Companies Act.

GST Article Supreme Court

Interest and penalties not imposable on demand of Customs, CVD, SAD

byCA Bimal Jain12/08/202312/08/2023

The Hon’ble Supreme Court in Union of India & Ors. v. Mahindra and Mahindra Ltd. dismissed the appeal filed by the Revenue Department and upheld the decision of the Hon’ble Gujarat High Court of setting aside the imposition of interest and penalty on custom duty, CVD, being without jurisdiction.

GST Article High Court

No penalty in case of commission of illegal act without mens rea

byCA Bimal Jain14/07/202314/07/2023

The Hon’ble Delhi High Court in Rajeev Khatri v. Commissioner of Customs set aside the penalty order passed under Section 112(a) of the Customs Act, 1962 and held that assessee cannot be penalized for abetting the illegal import as there is no evidence that assessee has knowledge of the import of prohibited goods.

GST Article Pre-GST

No liability to pay interest in a revenue-neutral situation

byCA Bimal Jain29/06/202329/06/2023

The CESTAT, Kolkata in M/s Jai Balaji Industries Limited v. Commissioner of Central Excise, Bolpur set aside the order confirming interest on differential duty and held that where the differential duty paid by the assessee is available as CENVAT credit to the Assessee’s sister concern then it is a revenue-neutral situation. Thus, as duty was not actually payable, the payment of interest does not arise in the case of revenue neutral situation.

Customs