Government of India through the Central Board of Indirect Taxes and Customs (CBIC) has announced a scheme of Customs Bonded manufacturing cum warehousing commonly known as MOOWR i.e. Manufacturing and other operations in a Warehouse. In order to promote manufacturing & other operations in India and to strengthen the initiative of Aatma Nirbhar Bharat (Self Reliant India), the bonded manufacturing scheme allows the importers to import the raw materials and capital goods...Read more
The Customs Valuation Rules, 2007 [and earlier that of 1988] (“the CVR”) were formulated under the aegis of Customs Valuation Agreement (“the CVA”) in pursuance of GATT 1994. Largely the rules under the CVR mimics the Articles of the CVA to show India’s accord to the GATT. The value for imported goods under Article 1 of CVA is transaction value (TV) adjustable in accordance with provisions of Article 8 of CVA. The present piece examines the challenge faced by revenue in...Read more
Summary Index of Contents
About Customs Bonded Warehouse:
Customs warehousing is a procedure under which imported goods are stored under customs control in designated place without payment of import duties. The provisions related to warehousing are under Chapter IX of the Customs Act,1962. Apart from the specific provisions, certain regulations like Manufacture and Other Operations in Warehouse Regulations, 2019(MOOWR 2019), Warehouse (Custody and Handling of Goods) Regulations, 2016 and the Warehoused Goods...Read more
The Customs Act has been put in place to ensure that the import and export of goods into and from India is regulated. Certain products cannot be imported or exported, while certain others require a license to import. The vast majority are however freely importable.
It is also a tool to protect the local industry from dumping [normally done by China and many East European Countries]. The various preferential trade agreements with countries that India wishes to have deeper ties are also...Read more
Introduction:- India’s Foreign Trade policy (FTP) has, conventionally, been formulated for five years at a time and reviewed annually. The focus of the FTP has been to provide a framework of rules and procedures for exports and imports and a set of incentives for promoting exports. The benefits under foreign trade policy encourage the exporter to export the goods as well as service.
Advance Authorisation is a license issued under chapter 4 of Foreign Trade Policy 2015-20. This Advance...Read more
Service Exports from India Scheme (hereinafter referred as ‘SEIS’) has been introduced by the Government of India under the Foreign Trade Policy 2015-20 w.e.f. 01.04.2015(hereinafter referred as ‘FTP’) replacing the erstwhile 'Served From India Scheme (SFIS)’ under the FTP 2009-15. Under FTP, SEIS incentives are given to the service exporters in the form of scrips, which are transferrable and can also be used for making payment of duties.
Objective of the SEIS...Read more
The Finance Act, 2018 had inserted provisions under the Customs Act, 1962 to provide for the issuance of a supplementary notice under circumstances and manner as may be prescribed. In this regard, the Customs (Supplementary Notice) Regulations, 2019 has been enacted that would be effective from 18th Jun ’19.
The said regulations shall apply to the notices issued:
CBIC through its circular No 35/2018 dated 1st Oct ’18 provided an advisory for registration of the beneficiaries. Single Window Interface for facilitating Trade (SWIFT) was introduced as part of ease of doing business initiative to integrate Customs and other Participating Government Agencies (PGAs) for seamless processing of import and export clearances.
One of the components of SWIFT is e – SANCHIT wherein, under the import side, the system allows the beneficiary importer to...Read more
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)
With effect from 3rd May, 2019, the CBIC has fixed the rate of exchange for conversion of each of the foreign currencies mentioned below, relating to imported and export goods, for computation of Customs Duty as per section 14 of the Customs Act, 1962.
Schedule - I