International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Goods imported, shipped, or arrived before issuance of an import authorization but not yet cleared from Customs may be cleared against a subsequently issued authorization without mandatory warehousing, except for restricted items or those traded through state trading enterprises unless specifically permitted by the Directorate General of Foreign Trade. The requirement to warehouse goods prior to clearance applies only when the authorization is issued after shipment but before Customs clearance. This clarification addresses concerns that warehousing was being imposed even when authorization was obtained before import arrival or clearance, which was contrary to the intended facilitative provision under Para 2.12 of the Foreign Trade Policy, 2023. The policy aims to reduce unnecessary costs and procedural burdens on importers.
Goods imported, shipped, or arrived before issuance of an import authorization but not yet cleared from Customs may be cleared against a subsequently issued authorization without mandatory warehousing, except for restricted items or those traded through state trading enterprises unless specifically permitted by the Directorate General of Foreign Trade. The requirement to warehouse goods prior to clearance applies only when the authorization is issued after shipment but before Customs clearance. This clarification addresses concerns that warehousing was being imposed even when authorization was obtained before import arrival or clearance, which was contrary to the intended facilitative provision under Para 2.12 of the Foreign Trade Policy, 2023. The policy aims to reduce unnecessary costs and procedural burdens on importers.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4778
Join Channel
TaxTMI 
