Page 6 - Latest Updates on Customs duty
Government extends deferred customs duty payment to authorised PSUs
The scheme of deferred payment of customs duties was first introduced in November 2016 for top importers, certified as Authorized Economic Operators (AEOs)
 "Government extends deferred customs duty payment to authorised PSUs")
Use commercial prudence while buying MEIS/SEIS scrips, says expert
The transfer of scrips must be recorded on the DGFT website in accordance with DGFT Trade Notice No. 42 dated January 11, 2019
 "Use commercial prudence while buying MEIS/SEIS scrips, says expert")
Imports from related party will be scrutinised by Customs: Expert
Rule 3(3)(a) of the Customs Valuation Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined
 "Imports from related party will be scrutinised by Customs: Expert")
Protectionism shifts attention from real issues
Using the new tools, the claims for lower duty rates for imports under trade agreements may be put to greater scrutiny
Customs busts smuggling racket in Agarbattis through ASEAN FTA misuse
This is one of the biggest seizures of restricted items in recent times at the port
 "Customs busts smuggling racket in Agarbattis through ASEAN FTA misuse")
'Duty-free' hits a fifth of manufacturing imports, says WTO report
This, despite average tariffs being much higher than peers, says WTO report; officials call for need to scrutinise FTAs
 "'Duty-free' hits a fifth of manufacturing imports, says WTO report")
Govt extends time for duty-free import of diamonds sent for certification
The extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad
 "Govt extends time for duty-free import of diamonds sent for certification")
FinMin told to levy tax on imported goods to boost local products: Pradhan
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.
 "FinMin told to levy tax on imported goods to boost local products: Pradhan")
Indian exporters raise concerns of tit-for-tat measures by Chinese side
FIEO: Some Indian consignments detained in Hong Kong, China
 "Indian exporters raise concerns of tit-for-tat measures by Chinese side")
Self-defeating act
Stalling shipments from China to hurt Indian industry more
 "Self-defeating act")
Customs duty on solar equipment may hit SEZ manufacturing units: Experts
Power and New & Renewable Energy Minister R K Singh on Thursday said his ministry has proposed to impose basic custom duty (BCD) from August 1, this year on solar equipment
 "Customs duty on solar equipment may hit SEZ manufacturing units: Experts")
Power sector hopes for reforms at state level as Centre curbs imports
Given the federal structure in the power sector, most states float tenders different from the Centre and adopt separate selection criteria, mostly tilting towards low cost.
 "Power sector hopes for reforms at state level as Centre curbs imports")
Power Ministry joins 'Make in India' pitch, calls for curbs on imports
Customs duty on Chinese solar gears, low cost finance to those using Indian goods
 "Power Ministry joins 'Make in India' pitch, calls for curbs on imports")
Govt considering basic customs duty of 20% on solar energy equipment
At present, 15 per cent SGD is applicable on solar cells. This would be zero or nil from July 30, 2020
 "Govt considering basic customs duty of 20% on solar energy equipment")
The discontents of decoupling
Economic delinking with China makes no sense for India; investment, growth and public welfare will suffer
 "The discontents of decoupling")
CBIC to roll out pan-India faceless assessment by Dec 31, trial underway
The first phase would begin from June 8, 2020, at Bengaluru and Chennai, for items of imports primarily covered by Chapter 84, 85 of the Customs Tariff Act, 1975
 "CBIC to roll out pan-India faceless assessment by Dec 31, trial underway")
Domestic paper makers seek protection from cheap Chinese, Korean imports
They fear that with factories remaining shut during peak season, China may resort to dumping; Indian manufacturers want govt to levy customs duty on imports
 "Domestic paper makers seek protection from cheap Chinese, Korean imports")
Centre seeks India Inc's view on economic revival amid Covid-19 outbreak
Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny
 "Centre seeks India Inc's view on economic revival amid Covid-19 outbreak")
Customs clearance goes paperless, contactless to speed up essentials import
Expedited clearance of raw materials will facilitate the production of essential items like pharmaceuticals in the country
 "Customs clearance goes paperless, contactless to speed up essentials import")
10 listed firms that will see greatest impact of FM's customs duty tweaks
While some importers might have to absorb costs to protect their market share, other indigenous manufacturers should benefit
 "10 listed firms that will see greatest impact of FM's customs duty tweaks")
