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Circular No.01/2021-Customs  F.No.450/96/2020-Cus-IV  Government of India  Ministry of Finance  Department of Revenue  Central Board of Indirect Taxes and Customs  North Block, New Delhi  Dated the 14th of January. 2021    To  All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive),  All Principal Chief Commissioners/Chief Commissioners of Customs & Central tax,  All Principal Commis..

Tariff Notification No. 04/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Departmen..

In its recent circular no. 54/2020 -customs dated 16th December,2020 , CBIC has considerably relaxed compliance and security requirements for MSME enterprises. In this article an attempt is made to explain the modified requirements to enable MSMEs to avail the benefits of Authorized Economic Operator ( AEO) scheme.   What is AEO Accreditation AEO is a programme under the aegis of the World Customs Organization (WCO) SAFE Framework of Standards to secure and facilitate Global Trade...

The Customs Authority for Advance Rulings has started functioning at Delhi & Mumbai from 4/1/2021. This would help importers/exporters/investors to have certainty in regard to matters of classification, exemption notification, principles of valuation, etc of import/export goods.   The Customs Authority for Advance Rulings is yet another trade facilitation measure taken by CBIC. Link to access regulations.  Click here for the official notification ..

The Department of Revenue, Ministry of Finance has released the Customs Authority for Advance Rulings Regulations, 2021. Read the official announcement and provisions of the newly released Regulations below: MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 4th January, 2021 No. 01/2021–Customs (N.T.) G.S.R. 4(E).—In exercise of the powers conferred by section 157 read with sub-section (1) of section 28H, sub-section (1) of section 28KA and sub-se..

Taking a major step to boost exports, Government has decided to extend the benefit of  the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods with effect from 1st January, 2021. The RoDTEPscheme would refund to exportersthe embedded Central, State and local duties/taxes that were so far not being rebated/refunded and were, therefore, placing our exports at a disadvantage.  The refund would be credited in an exporter’s ledger account..

In continuation of press release, dated the 31st December, 2020, regarding implementation of Remission of Duties and Taxes on Exported Products (RoDTEP) from the 1st January, 2021, it is further stated that the following shall be notified/made public shortly:   The details of export goods (tariff lines) eligible for RoDTEP scheme The applicable RoDTEP rate, value caps (wherever applicable) on such eligible goods/tariff lines The excluded category of exports Other co..

Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme Launched and has come into effect from 1st January,2021. This scheme will replace the existing MEIS scheme. The Finance Ministry has issued the following press release dated 31st December,2020 and the detailed note. The same is reproduced below. Ministry of Finance Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme gets implemented from 01.01.2021. Taking a major step to boost exports, Government has deci..

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 15th December, 2020 No. 47/2020 -Customs (ADD) G.S.R. 762(E).— Whereas, the designated authority vide notification number 7/11/2019-DGTR, dated the 17th July, 2019, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 17th July, 2019, had initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter  referred to as the Customs ..

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.108/2020-Customs(N.T.), dated 19th November, 2020 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indi..

Tariff Notification No. 109/2020-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes& Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Depar..

The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020), has come into force from 21st September 2020. It was notified on 21st August 2020. The new rules will make the importer to correctly ascertain the country of origin, properly claim the concessional duty and assist customs authorities in the smooth clearance of legitimate imports under FTAs. Rules of Origin These are the criteria prescribed to determine the national origin of an imported prod..