Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
Government of India, through the Directorate General of Foreign Trade, has amended Para 4.63 of the Foreign Trade Policy 2023 under powers conferred by the Foreign Trade (Development and Regulation) Act, 1992. Imports under Diamond Imprest Authorisation, previously exempt from various customs duties and related cesses, will now also be exempt from the whole of Integrated Tax and Compensation Cess leviable under sub-sections (7) and (9) of section 3 of the Customs Tariff Act, 1975. The amendment is effective immediately upon issuance of this notification.
Government of India, through the Directorate General of Foreign Trade, has amended Para 4.63 of the Foreign Trade Policy 2023 under powers conferred by the Foreign Trade (Development and Regulation) Act, 1992. Imports under Diamond Imprest Authorisation, previously exempt from various customs duties and related cesses, will now also be exempt from the whole of Integrated Tax and Compensation Cess leviable under sub-sections (7) and (9) of section 3 of the Customs Tariff Act, 1975. The amendment is effective immediately upon issuance of this notification.
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