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Rule of Origin and CAROTAR 2020 Rules

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 ..

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Faceless Assessments under Customs from 1st November,2020

CBIC has issued a detailed circular no. F. No.450/26/2019-Cus IV(Pt.) dated 4th September 2020 stating that by 31st October 2020 the faceless assessment process will be implemented in all the custom ports under the next generational Turant Customs programme. It had already implemented it through its earlier circulars No.28/2020-Customs, dated 05.06.2020 and No. 34/2020-Customs, dated 30.07.2020 in Bengaluru, Chennai, Delhi, and Mumbai custom ports on trial bases. The main features o..

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Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020

.style1 { font-weight: bold; } The Ministry of Finance (Department of Revenue) in exercise of the powers conferred by section 156 read with section 28DA of the Customs Act, 1962 vide its Notification No. 81/2020-Customs (N.T.) dated 21st August, 2020 has notified Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020. Applicability:   1. These Rule..

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In-Bond Manufacturing Scheme| Section 65 of Customs Act, 1962

Overview: With the Government's continuous efforts to promote India as the manufacturing hub globally and the commitment towards ease of doing business, another initiative in this direction by the Central Board of Indirect Taxes (CBIC) is allowing import of raw materials and capital goods without payment of duty for manufacturing and other operations in a bonded manufacturing facility. When the raw materials or capital goods are imported, t..

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eSanchit application For Import Export (IEC) Users on ICEGATE Portal

Q1: What is eSanchit application? The Central Board of Indirect Taxes & Customs (CBIC) has launched eSanchit (e-Storage and Computerized Handling of Indirect Tax documents) for paperless processing, uploading of supporting documents and to facilitate the trading across Borders. It has already been made available to importers and exporters in the country. This application provides an electronic interface between tax payers and custom departmental officers to submit their import..

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All about SEZ Online

With the rapid advancements in technology, the whole world has become a global village. Going digital saves all of us a lot of time and cost. Many processes and tasks that form a part of our daily life and earlier required manual intervention have now become hassle-free. Let’s understand how the system of export business has changed since export plays a very critical element for the growth of our country! What is SEZ online? SEZ ..

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CBIC gives 3 months extension for re-import of cut and polished diamonds

In view of COVID-19 pandemic situation, the Government today extended relief to gems and jewellery sector by relaxing the requirement of re-import of cut and polished diamonds, which have been sent abroad for certification and grading, by three months. CBIC said that this extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad. This extension shall apply to all cut and polished ..

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ICEGATE | E-commerce Portal for Indian Customs

What is an ICEGATE Portal? Indian Customs and Central Excise Electronic Commerce/Electronic Data Interchange (EC/EDI) Gateway or ICEGATE is a portal that is used by traders, cargo service providers, and clients of the Customs and Central Excise Department for e-filing services. In addition to that, the portal is also used for communication and documentation between the department and other regulatory and licensing bodies. Who can register at ICEGATE? Business..

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Special procedures under investigations by SVB

To curb the loss of revenue the authorities developed a Specialized Investigation Branch of Customs. This branch of customs is called "SPECIAL VALUATION BRANCH OF CUSTOMS (S V B)"...

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Acceptance of undertaking in lieu of a bond for customs clearance

Section 143AA of the Customs Act, 1962' wherein relaxation was given to accept an undertaking in lieu of a bond required during customs clearance upto 30.04.2020, subject to conditions as underlined in the circular...

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Summary of custom notifications issued in the month of May'19

1. RATE OF EXCHANGE OF CONVERSION INTO INDIAN CURRENCY OR VICE VERSA WITH EFFECT FROM 3rd MAY, 2019 TO 16th MAY 2019 (Notification No. 35/2019-Customs (N.T) dated 02.05.2019) ..

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Service Export From India Scheme (SEIS) - Get 5-7% rebate on Service exports

Know how you can get 5-7% rebate on your Service exports by the Government of India. This article includes Nature of Rewards, Eligibility Criteria and the services eligible for SEIS scheme...

Posted in articles |   1594 Views

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