E India CA

Professional Updates for Chartered Accountants

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Revised trade facilitation measure to ensure speedy clearance at ports’

The Central Board of Excise and Customs (CBEC) has recently revised the Authorised Economic Operator (AEO) programme to make it more lucrative for trade in speedy clearance of cargo from ports, and reduce time and cost in cross border trade, said BK Bansal, Member (Customs), CBEC. Customs is moving away from a regime of control to f...

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Govt imposes anti-dumping duty on cold-rolled flat steel items

India has slapped anti-dumping duty on certain cold-rolled flat steel products from four nations including China andSouth Korea to guard domestic industry from cheap imports. An anti-dumping duty of the difference between the landed value of the steel products and $594 per tonne will be levied, a Finance Ministry notification sa...

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Govt hikes electronic goods import limit for personal use

Government has substantially raised the limit for import of electronic goods 'through post or otherwise' for personal use to Rs 50,000 from Rs 2,000 earlier. "CIF (Cost, Insurance and Freight) value of import of consumer electronic items at any one time by any person through post or otherwise for personal use is enhanced to Rs 50,000...

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Dumping duties soon on steel imports from China, Korea & Japan

The domestic steel industry is set to get stronger and long-lasting protection in the form of anti-dumping duties on cheap imports of specified varieties of hot-rolled and cold-rolled coils from China, Japan and South Korea. The Directorate General of Anti-dumping and Allied Duties, which launched probes into imports of these primar...

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Passengers Need Not Declare Customs Baggage On Domestic Leg

Indian passengers boarding international flights on the domestic leg are not required to file customs baggage declaration form, the government has ruled. Central Board of Excise and Customs (CBEC) in a circular to all Chief Commissioners of Customs to strictly implement the decision of dispensing with customs baggage declaration f...

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Government announces indirect tax exemption for shipbuilding industry

To promote domestic shipbuilding industry, the government has decided to provide slew of tax incentives including exemption from excise and custom duties on all raw materials and parts used for making vessels. Exemption from customs and central excise duties on all raw material and parts for use in the manufacture of ships/ vessels/...

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Indirect Tax Ombudsmen to Address Taxpayers’ Concerns

The Indirect Tax Ombudsmen (ITOM) will address concerns of tax payers through trade and industry associations across the country for early compliance, an official statement said on Friday. "A decision to hold meetings with trade and industry associations in the respective jurisdiction of the ombudsmen across the country was taken at...

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Moving back to a regressive tax system

The Swachh Bharat cess imposed by the Narendra Modi government is part of a continuum of moves that is making the Indian tax system even more regressive. Let us rewind to 1991. Socialist India had one of the most regressive tax regimes in the world. Four out of every five rupees collected as tax by the government came from indirect ...