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Clause - Bill - Memorandum Explaining the Provisions in The Finance Bill, 2016 - Bill - Clause - Note: (a) Basic Duty means the duty levied under the Act, 1962. (b) CVD means the Additional Duty of levied under sub-section (1) of section 3 of the Tariff Act, 1975. (c) SAD means the Special Additional Duty of levied under sub-section (5) of section 3 of the Tariff Act, 1975. (d) Export duty means duty of leviable on goods specified in the Second Schedule to the Tariff Act, 1975. (e) Clause nos. i .....

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would be only record based. [113] 2. Subsection (45) of Section 2 which defines warehousing station is being omitted. [113] 3. Chapter heading of Chapter III is being amended to omit the word warehousing station . [114] 4. Section 9 is being omitted. [115] 5. Section 25 is being amended so as to omit the requirement of publishing and offering for sale any notification issued, by the Directorate of Publicity and Public Relations of CBEC. [116] 6. Sections 28, 47, 51 and 156 are being amended so a .....

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provide for licensing by the Principal Commissioner or Commissioner, in place of Deputy/Assistant Commissioner, subject to such conditions as may be prescribed. [121], [122] 9. New section 58A is being inserted to provide for a new class of warehouses which require continued physical control and will be licensed for storing goods, as may be specified. [122] 10. New section 58B is being inserted so as to regulate the process of cancellation of licences which is a necessary concomitant of licenci .....

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port Oriented Undertakings, Units under Electronic Hardware Technology Parks, Software Technology Parks, Ship Building Yards and other units manufacturing under bond; empower Principal Commissioners and Commissioners to extend the warehousing period upto one year at a time. [125] 14. Section 62 relating to physical control over warehoused goods is being omitted since the conditions for licensing different categories of warehouses and exercising control over the same are being provided under sect .....

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for supervision of manufacturing facilities under Bond; and empower Principal Commissioner or Commissioner of to licence such facilities. [128] 18. Section 68 is being amended to omit rent and other charges on account of omission of section 63. [129] 19. Section 69 is being amended to omit rent and other charges on account of omission of section 63. [130] 20. Section 71 is being amended so as to substitute the word exportation with the word export to align with definition contained in sub secti .....

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. Amendment Clause of the Finance Bill, 2016 1. To omit Section 8C [Power of Central Government to impose transitional product specific safeguard duty on imports from People s Republic of China] [137] AMENDMENT IN THE FIRST SCHEDULE TO THE TARIFF ACT, 1975 S. No. Amendment Clause of the Finance Bill, 2016 Amendments not affecting rates of duty 1. Editorial changes in the Harmonized System of Nomenclature (HSN) in certain chapters are being incorporated in the First Schedules, to be effective fro .....

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e separate tariff lines for laboratory created or laboratory grown or manmade or cultured or synthetic diamonds; 4) Delete Tariff line 8525 50 50, relating to Wireless microphone. [138 (i)] 3 Natural latex rubber made balloons falling under specified headings 10% 20% Metals 4 Primary aluminium 5% 7.5% 5 Zinc alloys 5% 7.5% Jewellery 6 Imitation jewellery 10% 15% Renewable Energy 7 Industrial solar water heater 7.5% 10% Capital goods and parts thereof 8 Increase the tariff rate of BCD for 211 spe .....

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centrates 1 Iron ore fines with Fe content below 58% 10% Nil 2 Iron ore lumps with Fe content below 58% 30% Nil 3 Chromium ores and concentrates, all sorts 30% Nil 4 Bauxite (natural), not calcined or calcined 20% 15% Basic Duty Food Processing 1 Cashew nuts in shell Nil 5% 2 Cold chain including pre-cooling unit, packhouses, sorting and grading lines and ripening chambers 10% 5% 3 Refrigerated containers 10% 5% Mineral fuels and Mineral oils 4 Coal; briquettes, ovoids and similar solid fuels ma .....

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or partially distilled, including reconstituted tars 10% 5% 10 Oils and other products of the distillation of high temperature coal tar similar products in which the weight of the aromatic constituents exceeds that of the non-aromatic constituents 2.5% / 5% / 10% 2.5% 11 Pitch and pitch coke, obtained from coal tar or from other mineral tars 5% / 10% 5% Petroleum exploration and production 12 Goods required for exploration & production of hydrocarbon activities undertaken under Petroleum Exp .....

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6 Electrolysers, membranes and their parts required by caustic soda / potash unit using membrane cell technology 2.5% Nil Paper, Paperboard and newsprint 17 Wood in chips or particles for manufacture of paper, paperboard and news print 5% Nil 18 Plans, drawings and designs Nil 10% Textiles 19 Specified fibres and yarns 5% 2.5% 20 Specified fabrics [for manufacture of textile garments for export] of value equivalent to 1% of FOB value of exports in the preceding financial year subject to the spec .....

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achinery, electrical equipment and instrument and parts thereof (except populated PCBs) for semiconductor wafer fabrication / LCD fabrication units Applicable BCD SAD Nil BCD Nil SAD 26 Machinery, electrical equipment and instrument and parts thereof (except populated PCBs) imported for Assembly, Test, Marking and Packaging of semiconductor chips (ATMP) Applicable BCD SAD Nil BCD Nil SAD 27 The exemption from basic duty, CV duty, SAD on charger / adapter, battery and wired headsets / speakers fo .....

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VR) / network video recorder (NVR), CCTV camera / IP camera, lithium ion battery [other than those for mobile handsets] Applicable BCD, CVD SAD Nil BCD Nil CVD Nil SAD 30 Magnetic - Heads (all types), Ceramic / Magnetic cartridges and stylus, Antennas, EHT cables, Level meters/level indicators/ tuning indicators/ peak level meters/ battery meter/VC meters / Tape counters, Tone arms, Electron guns Nil BCD Applicable BCD 31 To exclude specified telecommunication equipment [Soft switches and Voice .....

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ucts on which 10% BCD was imposed in 2014-15 Budget being non-ITA I bound] from the purview of the other exemption. Nil BCD 10% 32 Preform of silica for manufacture of telecom grade optical fibre /cables Nil 10% 33 Specified capital goods and inputs for use in manufacture of Micro fuses, Sub-miniature fuses, Resettable fuses, and Thermal fuses Applicable BCD Nil 34 Neodymium Magnet (before Magnetization) and Magnet Resin (Strontium Ferrite compound/before formed, before magnetization) for manufa .....

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and hybrid vehicles BCD-Nil CVD - 6% Upto 31.03.2016 BCD-Nil CVD - 6% Without time limit 44 Aluminium Oxide for use in the manufacture of Wash Coat, which is used in the manufacture of catalytic converters, subject to actual user condition 7.5% 5% 45 Engine for xEV (hybrid electric vehicle) Applicable BCD and CVD Nil BCD 6% CVD Capital Goods 46 Specified machinery required for construction of roads CVD - Nil CVD - 12.5% Defence Production 47 Direct imports of specified goods by Government of Ind .....

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ion by the Directorate General of Civil Aviation Applicable BCD, CVD and SAD Nil BCD Nil CVD Nil SAD 50 Simplify the procedure for availment of exemption from duties on parts, testing equipment, tools and tool-kits for maintenance, repair and overhaul of aircraft based on records and subject to actual user condition - 51 Remove the restriction of one year for utilization of duty free parts for maintenance, repair and overhaul of aircraft - 52 Further relax the existing conditions of stay [upto 6 .....

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d SAD by ship repair units based on records and subject to actual user condition - Miscellaneous 55 Braille paper 10% Nil 56 Disposable sterilized dialyzer and micro barrier of artificial kidney Applicable BCD, CVD, SAD Nil BCD Nil CVD Nil SAD 57 Solar tempered glass / solar tempered (anti-reflective coated) glass, subject to actual user condition Nil 5% 58 Medical Use Fission Molybdenum-99 imported by Board of Radiation and Isotope Technology (BRIT) for manufacture of radio pharmaceuticals 7.5% .....

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Highlight: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017 - Notification

Highlight: Companies (Acceptance of Deposits) Second Amendment Rules, 2017 - Notification

Highlight: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg. - Circular

Highlight: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 - Public Notice

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Notification: Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017

Forum: Trans1 return

News: Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Forum: Credit on Repair of Company Car & Its Insurance

Circular: Promote the officers of the Indian Revenue Service (Customs and Central Excise) to the grade of Principal commissioner of customs, GST & CX

Circular: Allocate the charges amongst the Members of the Central Board of Excise and Customs

Circular: Strategy for audits in 2017-18 consequent to GST - Audit by Central Excise and service Department to continue for the accounting year 2016-17 and for the past period

Circular: Appoint the IRS (C&CE) officers as Principal Commissioner (Revision Application) and ex-officio Additional Secretary

Circular: Time limit for filing intimation for composition levy under Rule 3(1) of the CGST Rules, 2017 extended to 16-8-2017

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

Circular: C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

Circular: List of Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates

Circular: Works Contract for construction of Flats, Complex — Builders to pass on GST benefit to buyer otherwise anti-profiteering provisions of Section 171 of GST Act to apply

Circular: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports – Regarding.

Circular: Clarification on Inter-state movement of various modes of conveyance, carrying goods or passengers or for repairs and maintenance- regarding

Forum: Duty Drawback & Input Credit - under GST

News: RBI Reference Rate for US $

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

Highlight: Cenvat credit availed on Club Membership for the Director is not admissible as it cannot be said to be remotely connected with the activity of manufacture

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Jaitley asks biz not to wait till last day to file GST returns

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters



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