Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Rejection of declared transaction value is warranted where a portion of consideration is paid outside banking channels, vitiating the invoice price and permitting valuation under the residual method by adding undeclared consideration; consequence: assessable value increased. Deliberate non-disclosure of consideration constitutes willful misstatement and suppression, justifying invocation of the extended limitation period and assessment of differential duty with statutory interest. Admissions and enforcement agency findings permit corroborative use of such material. Deliberate undervaluation attracts mandatory penalty for collusion or suppression, quantified to include interest, and mis-declaration exposing goods to confiscation with no redemption where goods are unavailable.
Rejection of declared transaction value is warranted where a portion of consideration is paid outside banking channels, vitiating the invoice price and permitting valuation under the residual method by adding undeclared consideration; consequence: assessable value increased. Deliberate non-disclosure of consideration constitutes willful misstatement and suppression, justifying invocation of the extended limitation period and assessment of differential duty with statutory interest. Admissions and enforcement agency findings permit corroborative use of such material. Deliberate undervaluation attracts mandatory penalty for collusion or suppression, quantified to include interest, and mis-declaration exposing goods to confiscation with no redemption where goods are unavailable.
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