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Special Valuation Branch is a special unit of the Customs department which is specializing in investigating the transactions which are entered into by importer based out in India and a supplier based in foreign country who have relationship like joint ventures, partnerships, holding-subsidiary etc. which could possibly influence the price of the transaction entered.
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IEC is an abbreviation of Importer Exporter Code. It is a 10 digit code same replication of your business PAN number. This will be issued by Director General of Foreign Trade (DGFT), Ministry of Commerce by online.
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The article lists down some important FAQs on PAS-6
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Lot many exporters have started receiving notice from Customs department for recovery of Drawback
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Valuation is one of the most crucial aspect for an organisation engaged in import and export of gems, precious and semi-precious stones considering high value transactions.
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CBIC has launched a revamped tax information portal Click Here. With the help of this portal, all indirect tax legislations, rules, regulations and forms will be available for the easy reference of taxpayers. CBIC will continuously update and expand this portal in a phased manner.
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Scheme for Remission of Duties and Taxes on Exported Products (RODTEP) was launched in 2020 from 1st January 2021 through the ministry of commerce and industry Govt. of India. This scheme is applicable to the export of products but not services.
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Before starting import/export business it is preferred to register your business in Private Limited or Public limited or LLP format for the convenience of fast loan approvals and ease of doing business with foreign customers as they prefer registered corporate entities
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The scheme will be implemented by Customs through a simplified IT system while the rebate will be issued in the form of a transferable duty credit/electronic scrip which will be maintained by CBIC.
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RoDTEP scheme is notified for the remission of duties, taxes and other levies at the Central, State and local level which are borne on the exported goods manufactured in India.
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