Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Over 745 gram gold paste seized at IGI; Customs nab carrier, receiver
    Quebec remains cautious on Canada-US trade deal as Ottawa pushes to restore US alcohol
    No cases of foreigners getting Aadhaar, other govt benefits reported during SIR in K'taka: Minister
    Govt allows free imports of 10 lakh tn raw sugar until Oct 31; caps sugar stock for bulk consumers
    Govt allows free imports of 10 lakh tn raw sugar until Oct 31
    DFS Organises Workshop to Strengthen Implementation of Reservation Policy Across Public Financial Institutions
    DPIIT Signs MoUs with PhonePe and Shell India to Strengthen Startup Ecosystem and Drive Innovation
    Union Minister of Commerce and Industry Shri Piyush Goyal Strengthens India-Singapore Economic Partnership through High-Level Bilateral and Business E...
    A Vision for Responsible AI, Resilient Banking - Keynote Address [Contributions by RBI colleagues Ms. Chandni Trehan Saluja and Ms. Kavita Gangwal, De...
    Razorpay Launches Multi-Currency Account, Helping Exporters Retain International Earnings in Foreign Currencies
    DB HiTek to Make Debut at electronica India 2026, Targeting Growth in Indian Market
    BJP demands Vijayan’s resignation from Keralam LoP post over ED findings in CMRL case
    Pakistan seeks USD 10 bn US facility to bolster forex stability
    DRI busts a wildlife trafficking syndicate involved in illicit trade of ivory artefacts
    Japan reports record exports, imports for July as energy costs climb
    Five held in UP's Bareilly for alleged fake Ayushman cards racket
    MSMEs are the true builders of India’s economic resilience: LG Sinha
    RBI MPC preferred wait-and-watch stance amid food and fuel inflation risks: Minutes
    Bihar Police arrests man over alleged exam irregularities
    United Arab Emirates suspends trade with Iran after coming under renewed missile fire
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 20, 2026
Show AI Summary
Customs enforcement against suspected gold smuggling leads to baggage seizure and apprehension of the alleged intended receiver.
Customs officers intercepted an arriving passenger at the green channel on intelligence inputs and examined baggage after X-ray screening indicated suspicious images. The examination recovered two oval capsules containing gold paste concealed in the baggage. Interrogation indicated that an alleged receiver was waiting outside the airport to collect the suspected smuggled gold. Customs officers apprehended the alleged receiver, and further investigation remains underway.
August 20, 2026
Show AI Summary
Provincial alcohol sales restrictions remain subject to economic impact assessment under proposed bilateral trade agreement negotiations.
Provincial control over alcohol distribution remains distinct from federal trade-making authority. Quebec retains authority over whether United States alcohol is offered through its government-controlled liquor distribution system, despite lacking a veto over a bilateral trade agreement. Federal requests to restore United States alcohol to retail shelves cannot compel provincial action. Proposed trade commitments also concern restrictions on United States agricultural products and Canada's dairy import regime, which applies lower tariffs within designated import volumes and higher duties beyond those volumes.
August 20, 2026
Show AI Summary
Electoral-roll verification found no reported cases of specified foreign nationals receiving identity-linked benefits or voter registration.
Electoral-roll special intensive revision recorded no reported cases of Pakistani, Bangladeshi or Iranian nationals obtaining Aadhaar cards, ration cards, other government benefits, or voter registration. Illegal immigrants are identified through police monitoring, intelligence measures, specialised operations and a Special Task Force. Overstayers are recorded through the District Police Module and Foreigners Identification Portal and produced before Foreigners Regional Registration Officer authorities. Persons found to be residing illegally are reported to the concerned central divisions, proceeded against through registered cases, retained pending case disposal and exit permits, and subjected to deportation steps.
August 20, 2026
Show AI Summary
Raw sugar tariff-rate quota permits duty-free imports while bulk consumers face consumption-based sugar stockholding limits.
Raw sugar imports are permitted duty-free under a tariff rate quota until 31 October 2026, with online allocation to eligible millers and refiners having functional refining capacity. Applicants must provide a refining-capacity declaration and supporting Consent to Operate; preference applies to importers undertaking timely completion of imports, while non-utilisation or failure to surrender allocations constitutes non-compliance. Bulk sugar consumers meeting the prescribed consumption threshold are subject to a stock cap of 15 days' consumption from 1 September to 30 November 2026.
August 20, 2026
Show AI Summary
Duty-free raw sugar imports under tariff rate quota seek to improve domestic supply and contain rising sugar prices.
Duty-free import of 10 lakh metric tonnes of raw sugar is permitted under a tariff rate quota until 31 October 2026. The import-policy measure seeks to increase domestic raw-sugar availability and restrain rising local prices amid reduced opening stocks. Price-containment measures also include a stockholding limit for bulk consumers using more than 10 tonnes of sugar monthly, restricting holdings to 15 days' consumption.
August 20, 2026
Show AI Summary
Reservation policy implementation is strengthened through capacity building, uniform institutional practices, welfare measures, and improved financial accessibility for Divyangjans.
Reservation policy implementation across Public Sector Banks, Public Sector Insurance Companies, sectoral regulators and Public Financial Institutions is being strengthened through a capacity-building workshop. The programme seeks uniform and effective application of Government reservation policies and related welfare measures. Senior human-resource functionaries and Chief Liaison Officers considered practical implementation issues, actionable measures for consistency, and operational concerns. It also focuses on improving accessibility of financial services for Divyangjans.
August 20, 2026
Show AI Summary
Startup ecosystem support expands through digital infrastructure, mentorship, market linkages and specialised assistance for energy and climate-tech innovation.
DPIIT's collaborations with PhonePe and Shell India create support mechanisms for DPIIT-recognised startups through technology access, digital infrastructure, mentorship, market opportunities and industry networks. PhonePe will provide transaction credits, access to the Indus AppStore, onboarding support, brand visibility, and training on fintech, sales, go-to-market strategy and business scaling. Shell India will assist energy and climate-tech startups through mentorship, strategic guidance, investor and incubator connections, participation opportunities, and knowledge-sharing materials on innovation and best practices.
August 20, 2026
Show AI Summary
India-Singapore economic cooperation advances through trade, investment, technology and business linkages, including agriculture, fintech and sustainable infrastructure collaboration.
India-Singapore economic cooperation was advanced through ministerial, business and government-to-business engagements focused on deepening bilateral trade, investment, technology and commercial linkages. Discussions addressed agri-exports, GCC-based commercial parks, fintech and sustainable infrastructure, alongside expanding agricultural market linkages. The engagements reinforced commitment to strengthening trade, investment, technology and business-to-business cooperation.
August 20, 2026
Show AI Summary
Responsible AI banking requires human oversight, explainable customer decisions, fair conduct, resilient systems and inclusive credit access.
Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.
August 20, 2026
Show AI Summary
Multi-Currency EEFC settlements let exporters retain foreign earnings and choose conversion timing for overseas payment obligations.
Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.
August 20, 2026
Show AI Summary
Power semiconductor foundry expansion targets Indian fabless customers through technology showcasing, process development, and collaboration in the growing semiconductor market.
DB HiTek seeks to expand foundry business with Indian fabless semiconductor companies by showcasing power semiconductor and specialised process technologies. Its commercial focus includes BCD processes for automotive and industrial applications, together with silicon-carbide and gallium-nitride process development and planned volume production. Product-performance evaluations are underway with strategic customers. Customer expansion also covers X-ray, global-shutter, single-photon avalanche diode, specialty CIS, and mixed-signal/RF processes, supported by collaboration with local fabless firms.
August 20, 2026
Show AI Summary
Money-laundering allegations over payments without services raise concerns about overseas transfers, identity-linked communications, and mineral smuggling.
Money-laundering allegations concern claimed payments by Cochin Minerals and Rutile Ltd. to Exalogic Solutions Pvt. Ltd., a company promoted by Veena T., without corresponding services. Searches reportedly yielded handwritten material referring to fund transfers to Dubai and digital material relating to a SIM card obtained in another person's name. Further allegations included overseas fund movement, hawala transfers, and possible thorium or monazite smuggling, all presented as allegations requiring examination.
August 20, 2026
Show AI Summary
Exchange stabilisation support aims to strengthen foreign-exchange resilience, reduce rollover dependence and restore access to longer-term market financing.
Pakistan has sought a proposed Exchange Stabilisation Support Facility to reinforce foreign-exchange stability and signal currency resilience to international capital markets. The strategy seeks to reduce reliance on short-term bilateral loans, deposits and rollovers by moving towards market-based financing with longer repayment periods. Improving sovereign creditworthiness through engagement with credit-rating agencies is intended to facilitate international market access, lower borrowing costs and enable longer-maturity debt raising.
August 20, 2026
Show AI Summary
Elephant ivory trade prohibition supports enforcement against wildlife trafficking, seizure of carved ivory articles, and further investigation.
Illicit trade in elephant ivory and articles manufactured from it is prohibited under the Wildlife (Protection) Act, 1972, supporting India's CITES obligations. Enforcement action against a wildlife-trafficking syndicate resulted in the interception of four persons and seizure of 54 carved ivory artefacts. The seized articles and apprehended persons were transferred to the State Forest Department for further investigation. The action forms part of continuing measures against unlawful trade in wildlife derivatives and biodiversity threats.
August 20, 2026
Show AI Summary
Trade deficit pressures persist as energy-import costs and currency weakness offset record automobile and electronics export growth.
Japan recorded its highest July import and export values since comparable statistics began, but continued to experience a trade deficit as rising energy costs increased import expenditure. Higher crude oil prices and disruption to Middle East supply routes affected an economy reliant on imported oil, while a weak yen raised the cost of fuel, food and raw materials. Strong automobile, semiconductor and electronics exports benefited from currency weakness, which also increased the yen value of overseas earnings.
August 19, 2026
Show AI Summary
Forged health-scheme cards allegedly enabled ineligible treatment and misuse of public healthcare funds through false beneficiary details.
Alleged misuse of Ayushman health-scheme cards involved collecting identity and ration-card details by promising free treatment, then creating forged beneficiary cards with false particulars. The alleged scheme enabled treatment for ineligible persons and purported claims of government health-scheme funds. Police arrested five persons, recovered purported forged identity and beneficiary cards, and are investigating possible involvement of hospital and medical-office personnel, the scale of card forgery, and alleged diversion of public funds.
August 19, 2026
Show AI Summary
MSME competitiveness requires affordable credit, technology adoption, formalisation, sustainable trade and stronger export-market access for inclusive growth.
MSME development is identified as central to employment generation, exports, entrepreneurship, economic resilience and self-reliance. Key priorities include affordable credit, technology upgradation, supply-chain integration, market access, brand-building and reduced red tape. Formalisation of micro industries is emphasised to expand institutional credit access, while sustainable trade is promoted through green technologies and renewable energy. Export competitiveness is to be strengthened through regional production capabilities and the "One District, One Export Hub" initiative.
August 19, 2026
Show AI Summary
Supply-side inflation risks support a policy pause pending evidence of broad-based, persistent price pressures and de-anchored expectations.
Monetary policy calibration remained on hold because food and fuel inflation had not yet produced broad-based or persistent price pressures. The policy pause was supported by limited pass-through of supply-side shocks, contained core inflation and no clear demand-driven overheating. Recalibration depends on incoming evidence of persistent inflation, entrenched supply-side pressures, de-anchored expectations and the evolving growth-inflation dynamic. Geopolitical disruption, volatile oil prices, monsoon conditions and El Nin o-related agricultural risks remain material inflation risks.
August 19, 2026
Show AI Summary
Examination irregularities investigation examines alleged answer-sheet cheating, managed centres and suspected solver-gang involvement by a biometric operator.
Alleged examination irregularities involved suspected cheating through the receipt of an answer sheet by an examinee from personnel of a private firm conducting the examination. Police arrested a biometric operator following an investigation into his alleged involvement. His prior work with biometric firms and manpower supply agencies was examined in connection with clues concerning allegedly managed examination centres and a suspected solver gang.
August 19, 2026
Show AI Summary
Trade restrictions on Iran halt commercial and financial exchanges as regional security threats disrupt maritime commerce and re-export access.
UAE trade restrictions on Iran halted all trade, commercial exchanges and financial transactions until further notice following reported ballistic-missile incidents and regional security escalation. The UAE assessed the missiles as directed at maritime traffic, while Iran denied launching them. The suspension disrupts the UAE's role as a major trade and re-export gateway for Iran and may increase Iran's economic isolation. Continuing threats to shipping through the Strait of Hormuz also create economic risk for the UAE's regional business, finance and tourism position.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters
Customs, DGFT & SEZ

CUSTOMS - Changes in Rate of Duty and Baggage Rules

February 28, 2013

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Chapter 1 to 7: No change

Chapter 8

8.1       The basic customs duty (BCD) on hazel nuts is being reduced from 30% to 10%. Notification No.12/2012-Customs, dated    1st March,    2012 as amended by notification No. 12/2013-Customs, dated 1st March, 2013 refers. S. No. 23A contains the changes.

8.2       In notification No 12/2012-Customs, at S. No. 24 of the Table, sub-heading 0802 50 00 (Pistachios) is being replaced by sub-headings 0802 51 00 and 0802 52 00. This is a technical rectification.

Chapter 9 to 10: No change

Chapter 11

11.1     The BCD on de-hulled oat grain is being reduced from 30% to 15%. Notification No.12/2012-Customs, dated 1st March, 2012 as amended by notification No. 12/2013-Customs, dated 1st March, 2013 refers. S. No. 38A contains the changes.

Chapter 12 and 14: No change.

Chapter 15

15.1     Peanut butter is presently classified undersub-heading 1517 90 20 of the Customs Tariff whereas, under the Harmonised System, peanut butter is classified under sub-heading 2008 11. To align our Tariff Schedule with HSN, an amendment has been proposed in the Finance Bill, 2013 (Clause 76 read with Third Schedule) to delete the current sub-heading 1517 90 20 and entries relating thereto from the Tariff. By virtue of this amendment, hereafter, the peanut butter will fall under sub-heading 2008 11, which is the correct classification as per the HSN.

15.2     Presently, peanut butter attracts a concessional BCD of 7.5% under notification No. 12/2012-Customs (S. No 71 of the Table). In view of the amendment referred to above, subheading 1517 90 20 is being deleted from S. No. 71. However, the concessional duty is being continued under notification No. 12/2012-Customs at new S. No. 88A. In the connection, notification No. 12/2013-Customs refers.

Chapter 16: No change

Chapter 17

17.1     Raw sugar, white or refined sugar (1701) has been included in the Second Schedule to the Customs Tariff Act, 1975 (Export Schedule) vide Clause 77 read with Fourth Schedule of the Finance Bill, 2013 with a tariff rate of 20%.   Exemption is however provided under notification No 27/2011-Customs dated 1.3.2011, as amended by notification No 15/2013-Customs, dated the 1st March 2013. Thus, raw sugar, white or refined sugar will not attract any export duty.

Chapter 18-22: No change

Chapter 23

23.1     De-oiled rice bran oil cake is being exempted from export duty. S. No. 12   of notification No. 27/2011-Customs, dated 1st March 2011, as amended by notification No.15/2013-Customs, dated 1st March 2013 refers.

Chapter 24 and 25: No change

Chapter 26

26.1     Bauxite and ilmenite are being incorporated in the Second Schedule to the Customs Tariff Act, 1975(Export Schedule)with a tariff rate of 30%. (Clause 77 read withthe Fourth Schedule to the Finance Bill, 2013). However, the effective duty is being prescribed at 10% on bauxite (2606 0010 and 2606 0020) and unprocessed ilmenite (2614 0010) and at 5% on upgraded ilmenite (2614 00 20). In this connection, notification No. 27/2011-Customs dated the 1st March as amended by notification No.15/2013-Customs, dated 1st March 2013 refers. New S. Nos. 24A, 24B, 24C and 24D contain the changes. By virtue of the Provisional Collection of Taxes Act, 1931, the levies will come into force with immediate effect.

Chapter 27

27.1     The BCD on bituminous coal is being reduced from 5 % to 2 % and CVD from 6 % to 2 %. The BCD on steam coal is being raised from Nil to 2% and CVD from 1% to 2%. Hereafter, both steam coal and bituminous coal will attract a uniform rate of 2% BCD and 2% CVD. Notification No.12/2012-Cus, as amended by notification No. 12/2013-Customs refers. Changes are contained in S. Nos 122 A, 123 and 124 of the Table.

Chapter 28-49: No change.

Chapter 50

50.1     The BCD on raw silk is being increased from 5% to 15%. S. No.276 of notification
No.12/2012-Customs, as amended by notification No.12 /2013-Customs, dated the 1st March
2013 refers.

Chapter 51 and 52: No change

Chapter 53

53.1     Presently, coir yarn (53.08) is mentioned at S. No. 43 of notification No. 27/2011-Customs. In column (4), which is presently blank, the entry Nil is being inserted. This is a technical rectification. In this connection, notification No.15 /2013-Customs, dated the 1st March 2013 refers.

Chapter 54 - 70: No change

Chapter 71

71.1     Basic customs duty is being reduced on pre-forms of precious and semi-precious stones from 10% to 2%. Notification No.12/2012-Customs, dated 1st March, 2012 as amended by notification No.12/2013-Customs, dated     1st March,    2013 refers. S. No.312A contains the changes.

71.2.   Under the Foreign Trade Policy (paragraph 4A.2.2), an exporter with annual export turnover of Rs 5 crore for each of the last three years is allowed to export cut & polished diamonds (each of 0.25 carat or more) abroad to any of the designated laboratories/agencies with re-import facility at zero duty within 3 months from the date of export. In this regard, a variance not exceeding +_1mm in height and circumference and not exceeding +_1 cent in weight is allowed between exported and re-imported cut and polished diamonds. In this connection, Explanation 1 of notification No. 9/2012-Customs, dated the 9th March, 2012 refers.This limit is being revised in respect of height and circumference from+_1 mm to +_0.01 mm. The variation in respect of weight shall remain unchanged. Notification No. 9/2012-Customs, dated the 9th March, 2012 as amended by notification No. 11/2013-Customs, dated the 1st March, 2013 may be referred to for details.

Chapter 72

72.1      Flat rolled products of iron or non-alloy steel, plated or coated with zinc (sub-headings 7210 30 10, 7210 30 90, 7210 41 00, 7210 49 00, 7212 20 10, 7212 20 90, 7212 30 10 and 7212 30 90) are being exempted from export duty retrospectively from 1st March 2011. In this connection, clauses 75 and 77 of the Finance Bill, 2013 may be referred to for details. The changes will come into force upon enactment of the Finance Bill. In the meanwhile, export duty may not be collected on the afore-cited product. Prior to 1st March 2011, this product was exempt from export duty under notification No. 77/2008-Customs, dated 13th June 2008.

Chapter 73

73.1.   Under notification No 12/2012-Customs (S No. 371), specified goods for manufacture of catalytic convertors and their parts attract a concessional BCD of 5%. Stainless Steel Wire Cloth Stripe (sub-heading 7314 14 10) and Wash Coat (sub-heading 3824 90 90) are being added to the list for availing of concessional duty of 5%.

Chapter 74-83: No change.

Chapter 84

84.1     The BCD on 20 specified machinery for use in the leather industry or footwear industry is being reduced from 7.5% to 5%. Descriptions of certain leather and footwear machinery items are being modified. S No 390 (List 29) of notification No. 12/2012-Cus, as amended by notification No. 12/2013-Customs, dated the 1st March 2013 refers.

84.2     The BCD on all textile machinery and parts thereof falling under headings 8444 to 8449 is being reduced from 7.5% to 5%. Notification No.12/2012-Customs, dated 1st March, 2012 as amended by notification No. 12/2013-Customs, dated 1st March, 2013 refers. S. No. 406A contains the changes.

Chapter 85

85.1     The BCD on Integrated Decoder Receiver, also known as Set Top Box, is being increased from 5% to 10%. S. No411 of notification No.12/2012-Customs, as amended by notification No.12 /2013-Customs, dated the 1st March 2013 refers.

 85.2     LCD and LED TV Panels of 19” and above are presently exempt from BCD under notification No 12/2012-Customs (S. No. 432). In this connection, a doubt has been raised whether this exemption is available for LCD and LED TV Modules or otherwise. It is clarified that LCD and LED TV Panels and LCD and LED TV Modules are one and the same thing for the purpose of exemption under this notification.

85.3     Presently, all goods required for the manufacture of the goods falling under heading 8541 are exempt from BCD subject to actual user condition. Solar cells and solar modules are classified under heading 85.41. It has been brought to the notice of the Ministry that this exemption has been denied at certain places although the imported goods are required for the manufacture of solar cells and solar modules. It is clarified that the BCD exemption under S No39 of notification No. 24/2005-Customs, dated        1st March,    2005 is available to all goodsincluding chemicals and electronic parts required for the manufacture of solar cells whether or not assembled in modules or panels.

Chapter 86: No change

Chapter 87

87.1   The validity period of exemption granted to identified parts of hybrid and electric vehicles is being extended by two more years up to 31st March, 2015. Clauses (g) and (h) of Proviso to notification No.12/2012-Customs, as amended by notification No. 12/2013-Customs, dated the 1st March 2013 refers.

87.2     BCD is being exempted on lithium ion automotive battery for manufacture of lithium ion battery packs for supply to the manufacturers of hybrid and electric vehicles. Notification No.12/2012-Customs (S. No 438), as amended by notification No. 12/2013-Customs, dated the 1st March 2013 refers.

87.3      At present, cars and other motor vehicles, new with FOB value more than US $ 40,000 and with engine capacity more than 3000 cc for petrol-run vehicles and more than 2500 cc for diesel-run vehicles attract a BCD of 75%. In this connection, notification No 12/2012- Customs (S No 437, (2) (a) of the Table) refers. The entry is being amended to read: “...with CIF value more than US $ 40,000 or with engine capacity more than 3000 cc for petrol-run vehicles and more than 2500 cc for diesel-run vehicles or with both”. Further, the BCD on these cars/motor vehicles is being increased from 75% to 100%. Thus, hereafter, these cars/ motor vehicles with CIF value more than US $ 40,000 would attract 100% BCD regardless of engine capacity.
Similarly, regardless of value, cars/motor vehicles with engine capacity more than 3000 cc for petrol-run vehicles and more than 2500 cc for diesel-run vehicles would attract BCD at 100%. S. No 437 of notification No. 12/2012-Cus, as amended by notification No. 12/2013-Cus, dated the 1st March 2013 refers.

87.4     The BCD on import of old cars is being increased from 100% to 125%. Clause 76   of the Finance Bill 2013 refers. By virtue of the Provisional Collection of Taxes Act, 1931, the levy will come into force with immediate effect.

87.5   The BCD on new motorcycles with engine capacity of 800cc or more is being increased from 60% to 75%. Notification No.12/2012-Customs (S No 443), as amended by notification No. 12 /2013-Customs, dated the 1st March 2013 may be referred to for details.

Chapter 88

88.1     Exemption from education cess and secondary & higher education cess is being withdrawn on aeroplanes, helicopters and their parts. For this purpose, S Nos 51 and 52 and entries relating thereto are being deleted from notification No 69/2004-Customs, dated 9th July 2004. The relevant entry at S. No 1 is also being deleted. In this connection, notification No. 9/2013- Customs, dated 1st March 2013 refers.

88.2      The time period for consumption/installation of parts and testing equipment imported for maintenance, repair and overhaul (MRO) of aircraft by units engaged in such activities is being increased from 3 months to 1 year. S. No.448 of notification No.12/2012-Customs (Condition 73), as amended by notification No. 12/2013-Customs, dated the 1st March 2013 refers.

88.3   The customs duty exemption on parts and testing equipment for maintenance, repair and overhauling of aircraft is being extended to parts and testing equipment for maintenance repair & overhauling of aircraft and aircraft parts. S. No.448 of notification No.12/2012-Customs, as amended by notification No. 12/2013-Customs, dated the 1st March 2013 refers.

88.4   Private category aircrafts are being included in the list of eligible categories of aircrafts for the purpose of availing of the exemption under notification No 12/2012- Customs.S. No.448 of notification No.12/2012-Customs, as amended by notification No. 12/2013-Customs, dated the 1st March 2013 refers.

88.5     The terms “scheduled air transport service” and          “scheduled air cargo service” areexplained in condition No.      75 of notification No.     12/2012-Cus dated   17.3.2012. In thisconnection, a doubt has been raised whether exemption granted to parts and testing equipment imported for servicing, repair or maintenance of scheduled airlines includes foreign airlines or otherwise. Under S. Nos. 448 and 454 of the notification No. 12/2012-Customs read with condition Nos. 73 and 21 respectively, exemption has been provided for servicing, repair or maintenance of aircraft used for operating “scheduled air transport service” and “scheduled air cargo service”. The term “scheduled air transport service”/ “scheduled air cargo service”, as defined under condition No 75 of the afore-said notification, does not exclude foreign airlines. It is as such clarified that the aforesaid exemption available for “scheduled air transport service” and “scheduled air cargo service” includes foreign airlines that meet the definition of scheduled air transport and air cargo service.

88.6     Under S. No. 450 of the notification No. 12/2012-Customs read with condition 75 (ii), a foreign registered aircraft, that is brought into India for the purpose of “a flight to or across India” and which is intended to be removed within the time period specified for the purpose, is exempt from customs duty. In this connection, doubts have been raised whether the term “a flight to India” means “one landing and one take off” or it entitles the aircraft to fly to different destinations within India during the stipulated period of stay in India. The matter has been examined and it is clarified thatthe term“a flight to India”by a foreign registered non-scheduled aircraft shall mean a flight which after completion of its itinerary (which may include multiple destinations in India) leaves India within the stipulated period of 15 days, or as extended by the competent authority in the Ministry of Civil Aviation, not exceeding 60 days from the date of entry.

Chapter 89

89.1     By virtue of excise duty exemption on ships and vessels (89.01, 89. 04, 89.05 and 89.06 90 00), there will no CVD leviable on these ships and vessels. Notification Nos. 19/2012- Customs and 20-2012-Customs, both dated 17th March 2012 and S. No 462 of notification No.  12/2012-Customs, which have become redundant due to excise duty exemption, are being rescinded.

89.2     Basic customs duty on yachts and other vessels (89.03) is being increased from 10% to 25%. Clause 76 of the finance Bill, 2013 refers. By virtue of the Provisional Collection of Taxes Act, 1931, the levy will come into force with immediate effect.

89.3   The time limit for consumption of imported goods for the purpose of repair of ocean going vessels by ship repair units is being increased from 3 months to 1 year. S. Nos.459 and 460 of notification No.12/2012-Customs (Conditions 79 and 80), as amended by notification No.

12/2013-Customs, dated the 1st March 2013 refers.

Chapter 90-98: No change.

Miscellaneous:

(i)         Full exemption is being provided to trophy when imported into India by National Sports Federation recognized by the Central Government or any Sports Body registered under any law for the time being in force in connection with international tournament to be held in India. Notification No. 146/1994-Customs, dated the 13th July, 1994 as amended by notification No. 14/2013-Customs, dated the 1st March 2013 refers.

(ii)        Notification No 75/2005-Customs, dated 22nd July 2005 (India- Singapore FTA) is being amended to replace the sub-heading 2920 90 90 with the sub-heading 2920 90 99. This is a technical rectification.

(iii)       Exemption from education cess and secondary & higher education cess is being withdrawn on soya bean oil, olive oil and a few other items. Accordingly, S. Nos. 5, 6, 7, 8, 13, 51& 52 and entries relating thereto are being deleted from notification No 69/2004-Customs, dated 9th July 2004. In the said notification, at various places, references have been made to exemptions contained in erstwhile notification No. 21/2002-Customs, dated 1st March, 2002. The entries showing notification No. 21/2002-Customs (S. Nos. 9, 10, 12, 55) are being replaced by the relevant S. Nos. of notification No.12/2012 -Customs. This is a technical rectification. Notification No.69/2004-Customs as amended by notification No. 9/2013 -Customs, dated 1st March, 2013 may be referred to for details.

Baggage Rules

Presently, under Rule 6 of the Baggage Rules, 1998, an Indian passenger, who has been residing abroad for over one year, is permitted to bring jewellery without payment of duty up to an aggregate value of Rs 10,000/- in case of a gentleman passenger and Rs 20,000/- in case of a lady passenger. Under Rule 8 of the Baggage Rules,1998, a person who is transferring his residence ( Transfer of Residence) to India is also allowed to bring jewellery without payment of duty up to an aggregate value of Rs 10,000/- in case of a gentleman passenger and Rs 20,000/- in case of a lady passenger. The duty free limits are being raised to Rs 50,000/- in case of a gentleman passenger and Rs 100,000/- in case of a lady passenger.

Presently, under Rule    10 of the Baggage Rules,     1998, a crew member of the

vessel/aircraft is allowed to bring duty free items like chocolates, cheese, cosmetics etc. for their personal or family use up to a value of Rs 600. The duty free allowance is being increased from Rs 600 to Rs 1500.

Notification No 25/2013-Customs (NT), dated 1st March, 2013 which contains these changes may be referred to for details.

 

**

Topics

Acts Income Tax