Basic Customs News Today

On 01 February 2023, the Hon’ble Finance Minister of India presented a ‘no surprise’ Union Budget for 2023-24, laying a positive framework for…

In three separate operations during the past eight days, the Customs officials at Nhava Sheva port in Navi Mumbai have intercepted at least seven containers which had mis-declared goods, or goods which had point of origin wrongly declared to evade customs duty

Finance Minister Nirmala Sitharaman will be tabling her first Union Budget in Lok Sabha at 11 am today. It will be Modi government’s first India Budget after winning an overwhelming mandate in the Lok Sabha Elections 2019. The Narendra Modi government is expected to take various measures to accelerate the slow economic growth of the country. Some of the key expectations from the Union Budget this year include measures to tackle agricultural distress and boost farm incomes and a solution t...

GST Council puts off correcting inverted duty structure for some industries

કેન્દ્ર સરકાર દ્વારા વિદેશમાં વસતા સગાઓ દ્વારા ભારતીયોને ઓક્સીજન કોન્સનટ્રેટર્સ ગિફ્ટમાં આપવા છૂટ અપાઈ છે. ભારતમાં રહેતા સગાઓને ગિફ્ટમાં આપી શકશે.

08 march 2021 22 february 2021 Lately, the Indian diamond industry, on the whole, had been reeling with the effects of the implementation of GST and demonetization with several diamond polishers losing their jobs. The Indian diamond trade has asked the Government for an amendment in taxation provisions to allow the sale of rough diamonds in the Special Notified Zone (SNZ) in Mumbai; and exemption of two-per cent equalization levy on rough diamond sales. According to industry members, miners c...

Four options for manufacturing in India A leg-up for manufacturing   -  THE HINDU× The Manufacturing Under Customs Bond scheme can lead to substantial savings for firms, but it has its pain points In November last year, the government announced the Production Linked Incentives (PLI) scheme for promoting manufacturing in 10 sectors. The initial response indicates that many new large-scale factories would soon be set up in the PLI supported product groups. The government provides four broad o...

The Gem & Jewellery Export Promotion Council (GJEPC) has urged the Finance Minister to reduce import duties on diamonds and precious metals in the forthcoming Budget 2022 to be presented early next year.  The apex body of India’s gem and jewellery export industry said this was a key area that would help in strengthening the ongoing revival of exports from the sector.  In November, the industry showed strong signs of recovery after the negative impact of the pandemic-induced global lockdown ...