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