Imported Goods

The move threatens to reshape parts of the US retail arena and deflate the excitement that's accompanied the meteoric ascent of bargain bazaars like Temu, Shein and Alibaba's Aliexpress

Prefabricated buildings fall under the tariff heading 9406. Modular building units of steel fall under the tariff line 94062000. All the items under the heading 9406 can be imported freely

The government has relaxed quality control order (QCO) norms for the air conditioner industry to promote ease of doing business. The order was issued in 2019 and it came into effect from October last year. These relaxations have been given after a detailed stakeholder consultation with the industry. To resolve the issues faced by the industry due to the order, the Department for Promotion of Industry and Internal Trade (DPIIT) has introduced amendments. According to a government notification, Hermetic Compressors of more than 7000 W (2 TR) capacity have been removed from the order for one year for the manufacturers of air conditioning and refrigeration equipment and related parts. It has also exempted 200 numbers of goods or articles imported per year for the purpose of research and development by the manufacturers. These imported goods and articles however will not be allowed to be sold in the market and should be disposed of as scrap. "The OEMs (original equipment manufacturer

Both countries hope to finalise the deal by February, before the Lok Sabha election in India

TNC Rajagopalan answers SME queries related to GST, export and import matters

Imports from Russia second-largest in April-August period, shows data

The order has also made it mandatory for entities to declare the stock position on the relevant portal of the Department of Consumer Affairs

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