Page 2 - Customs

Customs clearance time for imports drops 11% at air cargo complexes

The average time taken for customs clearance of imports has dropped 11 per cent at air cargo complexes and 9 per cent across seaports, a CBIC study showed on Thursday. The National Time Release Study (NTRS) 2023, presents the average cargo release time for seaports, air cargo complexes (ACCs), inland container depots (ICDs) and integrated check posts (ICPs), which account for approximately 80 per cent of bills of entry and 70 per cent of shipping bills filed in the country. "The average import release time has continued to improve, achieving 20 per cent reduction in release time for ICDs; 11 per cent reduction for ACCs; and 9 per cent reduction for seaports in 2023 over 2022," the Central Board of Indirect Taxes and Customs (CBIC) statement said. In absolute terms, the import release time for seaports, ICDs, ACC and ICPs is 85:42 hrs, 71:46 hrs, 44:16 hrs and 31:47 hrs, respectively. The Time Release Study measures the time taken from the arrival of the cargo at the Customs station

CBIC rolls out module for automated scrutiny of GST returns of taxpayers

The Central Board of Indirect Taxes and Customs (CBIC) has rolled out a module for automated scrutiny of GST returns. This module will enable the officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System, the finance ministry said in a statement. In the module, discrepancies on account of risks associated with a return are displayed to the tax officers. Tax officers are provided with a workflow for interacting with the taxpayers through the GSTN Common Portal for communication of discrepancies noticed. Implementation of this Automated Return Scrutiny Module has commenced with the scrutiny of GST returns for FY 2019-20, and the requisite data for the purpose has already been made available on the officers' dashboard, the statement added.

Chatroom: Replacement part can be imported under EPCG scheme for spares

There is no stipulation that a free replacement must come only after re-export of the wrong shipment

Chatroom: 'Seller and buyer can agree to deviate from Incoterms'

Under the Customs laws, you are required to declare the transaction value, i.e., the price paid or payable for the goods

'In CIF/CFR contracts, the seller bears risk of variation in freight rates'

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

Customs duty changes in Budget will promote Make in India initiative: GTRI

Customs duty changes for several products such as precious metals, small cars, bicycles, toys and telecommunication components in the Budget will help promote the Make in India initiative of the government, economic think tank GTRI said on Friday. The Global Trade Research Initiative (GTRI) also said the import duty changes in Union Budget 2023-24 affect products that count for less than USD 14 billion or 2 per cent of the value in India's current import basket. A large part of the Budget exercise was devoted to reducing the number of duty slabs and exemptions. The government continued with the current import duty structure, making changes only when it has big reason to do so. This will allow the firms to think long-term, GTRI co-founder Ajay Srivastava said. Customs duty changes fall into four broad groups - duty hike , duty reduction, correcting inverted duty structure, and reducing the number of duty slabs. He said the combined imports value for products where duty was raised i

Gold worth Rs 2.01 crore seized at Mangaluru International Airport

Customs sleuths at the Mangaluru International Airport (MIA) have seized a total of 3,677 grams of smuggled gold worth Rs 2,01,69,800 between Jan 1 and 18 this year

Customs dept monitoring toy imports, newer modus operandi adopted: CBIC

The CBIC on Saturday said the customs department is closely monitoring import of toys and continuously tackling newer modus operandi adopted to circumvent the quality control and safety norms. The government earlier this week said 18,600 toys have been seized in the last one month from major retail stores, including those of Hamleys and Archies, at airports and malls across India for lack of BIS quality mark and use of fake licences. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said the customs department is engaged with both BIS and the DGFT (Directorate General of Foreign Trade) to thwart attempts of circumventing the quality control and safety checks. It said newer modus operandi adopted to circumvent the BIS restrictions by way of imports of parts of toys, staggered import of such parts through different ports, and misdeclaration of toys and their parts as entirely different items is being "continuously tackled". "Indian Customs has been closely monitoring

Customs department to destroy drugs worth Rs 538 crore in Navi Mumbai

The Customs Department in Mumbai will destroy more than 140 kilograms of narcotic drugs worth Rs 538 crore seized from the city international airport and other places here, an official said on Thursday. These drugs will be destroyed on Friday at the incineration facility operated by Mumbai Waste Management Limited (MWML) located at Taloja in Navi Mumbai, he said. "The seized drugs, collectively weighing 140.57 kg, comprise 56.06 kg heroin and 33.81 kg hashish, seized by the Mumbai Airport Commissionerate in 14 cases," the official said. Apart from that, 21.70 kg hashish was seized in a case booked at the Mumbai Air Cargo Export Commissionerate, whereas 3.29 kg heroin was seized in a case by the Directorate of Revenue Intelligence (DRI), he said. "The process of incineration will start around 12 pm and will be video-recorded in the presence of senior officials of the Mumbai Customs and the police department," he added.

'DGFT should align RoDTEP, Customs Tariff HSN Codes'

'The DGFT should also resolve the problem of exporters who have used the HSN Code as per Customs Tariff but have ticked the right box in the shipping bill to indicate their claim of RoDTEP benefits'

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Tax-authorities tighten noose around under-invoicing of Chinese imports

Tax authorities suspect a tax evasion of more than Rs 16,000 crore through under-invoicing by businesses from April 2019 to December 2020

FM should clear the air on 'pre-import' matter

The Customs have started sending show-cause notices (SCN) to several exporters alleging violation of 'pre-import' condition in case of imports without payment of IGST under advance authorisations

Customs seizes 61 Kg gold worth Rs 32 crore at Mumbai airport; 7 held

Customs officials seized 61 kg of gold worth Rs 32 crore in separate operations at the Chhatrapati Shivaji Maharaj International Airport here, making it the highest value seizure by the department at the airport in a single day, an official said on Sunday. At least seven travellers, five men and two women, were arrested in the seizures that were made on Friday, the official said. This is the highest seizure in a single day in the history of the customs at the Mumbai airport, he claimed. In the first operation, four Indians returning from Tanzania were found carrying 1 kg gold bars, which were concealed in specially-designed belts with multiple pockets, the official said. Officials recovered 53 kg of UAE-made gold bars, worth Rs 28.17 crore, from the belts that the passengers had worn around their torso, he said. The belts were handed over to the travellers by a Sudanese national at Doha airport during transit time, the official said. The four travellers were arrested and remanded

Customs seizes US dollars worth Rs 4 cr at Mumbai airport, 3 arrested

The customs has seized USD 4,97,000, worth Rs 4.1 crore, at the Chhatrapati Shivaji Maharaj International Airport here, an official said on Thursday. After receiving a tip-off, the Air Intelligence Unit of Airport Customs intercepted three members of a family who were about to fly to Dubai on Wednesday morning, he said. An examination of their baggage led to the recovery of USD 4,97,000 in cash, hidden inside sarees, footwear and in a bag, the official said. All three were arrested and a local court sent them in judicial custody. Further probe is on, the official said.

Top headlines: Customs, excise mop-up, 42 companies approved for PLI & more

The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February

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

Customs department seizes gold worth Rs 20 lakh at Chandigarh airport

The Customs department seized 379 grams of gold worth nearly Rs 20 lakh from a passenger who arrived on a flight from Dubai at the Shaheed Bhagat Singh International Airport here, a statement said on Wednesday. The officers of the department intercepted the passenger while he was trying to cross the green channel, the department said in its statement. A search of his trolley bag resulted in the recovery of a gold wire with a silver-coloured coating. The wire, which weighed 379 grams, was concealed inside a steel strip of the trolley bag, it said. The recovered gold, having a market value of Rs 19.82 lakh, was seized by Customs officers as it was being illegally imported into India, it added. Further investigation in the matter is underway, the statement said.

Tussle over secrecy delays trade data compilation by Commerce Dept: Sources

The development comes in the backdrop of India's merchandise exports witnessing 4.8 per cent year-on-year rise to $35.45 billion in September

Importers still wait for clarity on expanded scope of IGCRS Rules

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.