CBIC NEWS

View: Ahead of Budget, here's what India Inc wants on Customs front

India's Interim Budget 2024 is expected to focus on improving the quality of trade facilitative environment, fostering domestic manufacturing, and expanding the greater value chain (GVC). The country has made significant progress in streamlining cargo clearance processes, but the actual performance has fallen short of average release time targets, experts say.

Mahindra World City, Chennai signs MoU with Government of Tamil Nadu, to invest over Rs 1,000 Crores

Mahindra World City Developers Limited (MWCDL) has inked a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to invest over Rs 1,000 crore in the next five years. This investment, centered around the launch of Origins by Mahindra – Phase II at Eliambedu village in Chennai, is expected to create employment opportunities for more than 2,000 people in the state.

What is the last date to file GST annual return and who should file it?

Goods and Services Tax (GST) annual return has to be filed by every GST registered individual whose annual turnover is over a specified limit. However for filing GST annual return, taxpayers have to file their monthly or quarterly GST return first. GST annual return has to be filed using GSTR 9 and GSTR9C if required.

Delhi HC stays DRI proceedings against Hero Group chairman Pawan Munjal

The Delhi High Court has stayed proceedings against Hero Motocorp Chairman Pawan Kant Munjal by the Directorate of Revenue Intelligence (DRI). The court noted that Munjal had been exonerated by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) on the same set of facts, which was not disclosed before the trial court.

CBIC mulling organisational restructuring to make it more effective, do away with overlapping

The CBIC is mulling a comprehensive restructuring of the organisation to make it more effective and remove overlapping, if any, as many of its functions have undergone transformation. The Central Board of Indirect Taxes and Customs or CBIC (formerly knows as Central Board of Excise and Customs) was set up in 1964.

Camera-fitted jacket mandatory for customs officials handling sea cargoes

This will improve transparency and ease of doing business through leveraging technology, the Central Board of Indirect Tax and Customs said in a circular sent to all principals commissioners and chief commissioners of Customs.

February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross goods and service tax (GST) revenue collection in the month of February 2023 stood at Rs 1,49,577 crore, up around 12% on an annual basis. With this, the monthly GST revenues remained over Rs 1.4 lakh crore for 12 straight months in a row, the Finance Ministry said in a statement

E-certificate of origin valid paper for claiming duty concessions under India-UAE trade pact: CBIC

The trade agreement between India and the UAE came into force from May 1 this year. Under this, domestic exporters of over 6,000 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery get duty-free access to the UAE market. On the other hand, India gives duty-free access to 7,694 goods coming from the UAE.

GST: From payment for not serving notice period to cheque dishonour, CBIC clears the air

The Circular also mentions non-compete fees, late payment charges by utility providers of electricity, water or cancellation charges levied by railways, airlines, hotels, tour operators as examples of payments made towards the independent activity of tolerating an act.

CBIC notifies controlled delivery regulation; authorised officials to place tracking devices on consignments

The new regulation, aimed at curbing smuggling, has included Gold and silvers, narcotic drug and psychotropic substances, precious and semi-precious stones, liquor; currency; cigarettes, tobacco; wildlife products and antiques.

GST 2.0 may be free of jurisdiction: Vivek Johri, chairman, CBIC

New Delhi, which raised the import duty on gold recently, is not looking at any further administrative measures immediately to clamp down imports.

GST's half-a-decade journey: Tech usage to plug revenue leaks, Rs 1.3 lakh cr monthly tax 'new normal'

Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer.

GST collection will be better, while there will be some pressure on customs: CBIC Chairman

CBIC to destroy 42,000 kg narcotics at 14 locations in India

CBIC to destroy roughly 42,000 kilograms of narcotics across 14 locations in India, the Ministry of Finance said in a press release. Narcotics would be destroyed across 14 locations including Guwahati, Mumbai, and Siliguri. The Drug Destruction Day will be marked as part of the ministry's 'Azadi ka Amrit Mahotsav' events to commemorate India's 75th anniversary of independence, the ministry said in a press release.

Sameer Wankhede transferred to Directorate General of Taxpayer Services

Wankhede who was presently attached with DGARM, Mumbai was transferred on May 30 with immediately effect. DGTS is considered to be a side posting, sources said.

NCB vigilance probe indicates no extortion bid made to let off Aryan Khan

A vigilance probe was ordered by Narcotics Control Bureau (NCB) Director General S N Pradhan immediately after Prabhakar Sail, a witness, claimed in an affidavit and in subsequent interactions with the media that Rs 25 crore was allegedly demanded to let off Aryan Khan.

Stocks in the news: HCL Tech, Paytm, LTTS, ITC, Hind Zinc and ICICI Lombard

Hindustan Zinc, Sundaram Fasteners, MMTC, Tejas Networks, Tata Metaliks, Khaitan Chemicals, Wendt, Aditya Birla Money and Quest Capital are the companies that will announce their March quarter results today.

Retrospective amendment in Budget 2022 to invalidate Supreme Court order: Officers of DRI and Customs Preventive, Audit can demand customs duty

Budget 2022 seeks to broaden the scope of the definition of the term ‘proper officer’ in Section 2(34) of the Act to expressly allow assignment of functions to an officer of CBIC or the Principal Commissioner of Customs or the Commissioner of Customs, under the newly inserted sub-section (1A) and (1B) of Section 5 of the Act.

HDFC Bank starts online customs duty payment facility for customers

With HDFC Bank on board, clients would no longer need to route payments through other bank accounts. This integration also offers the bank the opportunity to acquire current accounts of customers who bank with others that do not offer this facility, it said in a release.

GST Council defers rate hike on textiles. "Big relief" says industry

Animesh Saxena, President, Federation of Indian Micro & Small and Medium Enterprises (FISME), said the decision is a "big relief" to both MSMEs and consumers.

Stocks in the news: Infosys, ZEEL, Tata Motors, Adani Ports and Bajaj Finserv

Infosys, MindTreee, National Standard (India), Plastiblends India, Aditya Birla Money and Morarka Finance are among the companies that will announce their September quarter results today.

CBIC extends customs duty and integrated GST exemptions till March 31, 2022

The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday extended the basic customs duty and integrated goods and service tax exemptions for export-oriented units, by a year till March 31, 2022.

India extends anti-dumping duty on steel products from China, US

India has extended anti-dumping duty on imports of cold-rolled flat products of stainless steel of width 600-1250 mm and above 1250 mm of non-bonafide usage, from China, Korea, European Union, South Africa, Taiwan, Thailand and the US, till January 31, 2021.