Paperless customs compliance to be introduced for exports to facilitate integration of Customs systems with other regulatory agencies

A new system is in the works where web-based registration of goods exports would be allowed, to facilitate the integration of Customs systems with other regulatory agencies.  The system for outbound shipments will be In line with the existing clearance process for imports and will ensure faster clearances for consignments, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said on Thursday. "We still have a physical process for registration on the exports side..

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CBIC Bewares Taxpayers of Free Gifts and Huge Discounts

Beware of Free gifts & huge discounts! Indian Customs never calls or send message for paying duty in a personal bank account. All communication from Indian Customs contain a Document Identification Number (DIN) which can be verified online. ..

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Complete Guide to Custom Exchange Rate

What is Custom Exchange Rate? The custom exchange rate is used in filing the shipping bill and bill of entry. The exchange rate is the value of one country’s currency in relation to author currency. The exchange rate has an effect on the trade surplus or deficit, which in turn affects the exchange rate, and so on. 99% of export-import shipments are done in foreign currency. A country's importing and exporting activity can influence its GDP, its exchange rate, and its level of inf..

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Changes in taxation amid Covid 19

The lockdown has pushed the Indian Economy into a temporary depression that has unprecedented in its magnitude. While tackling this the only option that a common man has to look up to the Government. In this regard Union Finance Minister Nirmala Sitharaman has announced a stimulus package of Rs 20000 lacs cr to various constituents of the Indian Economy. While the package reflects different aspects of the economy, while we are going to discuss the changes in the taxation regime of the Indian ..

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