S.O. … (E).– 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 Excise & Customs, being satisfied that it is necessary and expedient so to…
Category: Customs Duty
Cross border tax evasion of over nine thousand crore detected in last 3 years
Tax authorities detected as many as 4,590 cases involving cross border tax evasion of Rs 9,951 crore in the last three financial years. In the current fiscal through September, 672 cases have been detected and the value of tax evasion…
Valuation/Assessment Practice in respect of export of Iron Ore
CBEC has notified Valuation/Assessment Practice in respect of export of Iron Ore via Circular No. 12/2014 –Customs on 17th November, 2014 The Board has received references relating to the valuation of iron ore entered for export. The matter has been examined.…
Circular of Customs about Import of Pesticides Circular No. 10/2014-Customs dated 17.10.2014
Reference is invited to Board Circular No7/2014-Cus dated 7.04.2014 on compliance of Order of Hon’ble High Court of Gujarat regarding import of formulations into India which lays down that Commissioner of customs concerned should ensure that in case of import…
Notification of Customs Department about Section 3 , sub-section (i) of Custom Act.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 30/2014-Customs New Delhi, the 20th October, 2014 G.S.R. (E).—In exercise of the powers conferred by sub-section (1) of section 25…
Bank has preferential right to recover Dues over Indirect Tax dues
The honorable Allahabad High Court in case of State Bank of India v Assistant Commissioner of Central Excise & Service Tax (2014) 49 303 Allahabad has held that Rights of a bank to recover its dues under SARFAESI Act have first preferential…
Customs duty collections up 32.8% to Rs 18,116 crore in September
The government’s customs duty collections grew 32.8% to Rs 18,116 crore in September 2014, indicating that domestic economy and investment cycle may have turned with increased non-oil imports contributing to the rise in collections. Share on: whatsapp
Customs duty collections up 32.8% to Rs 18,116 crore in September
Customs duty collection of India grew by 32.8% to Rs 18,116 crore in September 2014, indicating that domestic economy and investment cycle may have turned with increased non-oil imports contributing to the rise in collections. However, 0.4% decrease in excise collections to…
Government may widen SFIS scope to enable exporters trade tax incentives
The government is likely to expand the scope of Served from India Scheme (SFIS) by allowing exporters to trade the tax incentives earned by them in a bid to spur services exports. The incentives are in the form of duty credit scrips…