Customs

Circular 05/2016 on SVB Procedures for Investigation & Finalization of Provisional Imports

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Circular No. 5 /2016 -Customs F. No. 465/12/2010-Cus VGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Excise & Customs****** New Delhi, the 9th February 2016 To,All Principal Chief Commissioners CustomsAll Principal Chief Commissioner of Customs & Central ExciseAll Chief Commissioners of Customs,All Chief Commissioners of Customs & Central Excise,All Directorate-Generals, Chief Departmental Representative,All Principal … Read more

Circular No 25 /2016-Cus. Warehouse Records Electronically w.e.f. 14th May 2016

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Yes, maintaining records of Warehoused Goods in electronic form has been made mandatory vide the Circular No 25 /2016-Customs dated 8th June 2016. The applicability however came into effect from 14th May 2016. Basically, the Circular is about two things (i) the imperative electronic maintenance of records and (ii)  filing of Returns and acknowledgement of … Read more

Using Index of Customs Act, 1962 (No. 52 of 1962) to Better Explore the Customs Law

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Index of Customs Act can simplify your efforts to scan through the entire chapters and sections that come under Customs Act 1962. Below is an endeavour to acquaint you with all the chapters, sections, rules, regulations and notifications that make the act complete. Chapter – I: Preliminary Section 1 Short title, extent and commencement Section … Read more

Customs (Attachment of Property of Defaulters for recovery of Government Dues ) Rules, 1995

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Attachment of Property Rules are governed and guided by a number of Notifications M.F. (D.R.) Notification No. 31/95-Cus. (N.T.), dated 26-5-1995. amended by: Notification No. 29/99-Cus. (N.T.), dated 11-05-1999 Notification No. 67/97-Cus. (N.T.), dated 11-12-1997 In exercise of the powers conferred by section 156 read with section 142 of the Customs Act, 1962 (52 of … Read more

Compounding of Offences– Is it a Curse in Disguise?

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“Pull the chain to stop the train” is a common sight in every cabin of a railway compartment. This emergency chain with a bright red wooden handle enables one to stop the moving train in case of any emergency. While allowing so, it also provides for a statutory warning that its misuse is an offence … Read more

What Is Deemed Export Under GST- Benefits And Compliance

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Section 147 of the Central Goods and service tax Act, 2017 defines Deemed Exports as such exports, which may be notified on the recommendations of the council. Although the Foreign Trade Policy 2015-20 under chapter 8 has already defined the term ‘Deemed Export’, however amid certain apprehensions on the part of trade scope of confusions, … Read more