Page 2 - Imported Goods
Customs to roll our faceless assessment for imported goods from Oct 31
The Faceless Assessment is being rolled out under the umbrella of the next generational Turant Customs programme.
 "Customs to roll our faceless assessment for imported goods from Oct 31")
If the imported goods found defective can be re-exported, says expert
The specific provision under the Customs Act, 1962 is Section 26A that allows refund of import duty if the imported goods are found defective
 "If the imported goods found defective can be re-exported, says expert")
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")
Budget 2020: Tobacco, imported products, furniture, footwear to cost more
A large number of items including cigarettes, chewing tobacco along with imported products, like edible oils, fans, table, footwear, electric vehicles, tableware, kitchenware, toys and furniture are set to become more expensive due to hike in taxes proposed in the Union Budget for 2020-21. On the other hand, newsprint, sports goods, microphone will become cheaper as Finance Minister Nirmala Sitharaman proposed reduction in duties on these items in the Budget for 2020-21. Following is a list of imported items that will become costlier following the announcements in the Budget -- > Butter ghee, butter oil, edible oils, peanut butter > Whey, meslin, maize, sugar beet seeds, preserved potato > Chewing gum, dietary soya fibre, isolated soya protein > Walnuts (shelled) > Footwear, shavers, hair clippers, hair-removing appliances > Tableware, kitchenware, water filters, glassware > Household articles of porcelain or china > Rubies, emeralds, sapphires, rough
 "Budget 2020: Tobacco, imported products, furniture, footwear to cost more")
Govt orders probe into 'unknown' imports, revenue dept to provide details
India's overall imports stood at $514 billion in 2018-19, up by 11 per cent from the previous year
 "Govt orders probe into 'unknown' imports, revenue dept to provide details")
Importers of ethyl alcohol will need licence as Govt puts restriction
Now, the prospective importers of this product shall have to apply for a licence from the DGFT
 "Importers of ethyl alcohol will need licence as Govt puts restriction")
RBI relaxes norms for imported goods by raising trade credit to $150 mn
All-in-cost includes rate of interest, other fees, expenses, charges, and guarantee fees
 "RBI relaxes norms for imported goods by raising trade credit to $150 mn")
