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The Central Board of Indirect Taxes and Customs (CBIC) is initiating the formation of a panel to address the concerns raised by the gems and jewellery industry related to customs clearances. The industry has highlighted issues such as the lack of valuers, challenges with the hand-carriage of gems and jewellery, and concerns about the Remission of Duties or Taxes on Export Products (RoDTEP) scheme.

The Central Board of Indirect Taxes and Customs (CBIC) is initiating the formation of a panel to address the concerns raised by the gems and jewellery industry related to customs clearances. The industry has highlighted issues such as the lack of valuers, challenges with the hand-carriage of gems and jewellery, and concerns about the Remission of Duties or Taxes on Export Products (RoDTEP) scheme.

The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from ...

New Delhi: At least two Indian products are facing anti-subsidy action in the form of countervailing duty (CVD) in the US and EU due to their use of R.

Last month, the US imposed CVD on Indian file folders, rejecting arguments from the Indian government regarding the WTO compliance of RODTEP. Several months earlier, the EU similarly concluded that certain graphite electrode systems from India were subsidized through RODTEP, leading to the imposition of countervailing duties.