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🔷 Key Customs Highlights from Union Budget 2024-2025  The recently released Union Budget 2024-25 brings significant changes to the Customs Act, 1962, and Customs Tariff Act, 1975. Key amendments include simplified procedures for exporters, new regulations for goods warehousing, and revised tariff rates on various products. For detailed insights and the complete list of updates, read below. Stay informed, stay ahead! Ameeta Verma Duggal Aditi Warrier Salonee Shukla Niti Sudhakar Gayathri K S #UnionBudget #CustomsAct #InternationalTrade #FinanceBill #TradeLaw #DGSAssociates

NBR to align import duties for 20 products with WTO standards in FY25 The National Board of Revenue (NBR) intends to align customs duties for 20 products with the World Trade Organisation's (WTO) Bound Duty rates in the upcoming fiscal year – a move that is expected to lower import duties for most of these products and improve taxation and trade efficiency Link in Comments #Economy #ImportDuty #ImportTax #TBSnews

📢 Breaking News: The Customs Act (Amendment) Notification 37/2024, 2024 has been released, impacting trade regulations. Stay informed on the latest updates regarding customs procedures and regulations. #CustomsAct #Amendment #Regulations https://ift.tt/OWlNCXD

As per Finance Bill 2024, The exemptions under Notification No. 102/2007 Customs,dated 14 September 2007 lapsed on 30th September 2024. This notification provided exemption from Special Additional Duty (SAD) levied under section 3(5) of the Customs Tariff Act (CTA) on goods imported for subsequent sale when IGST, CGST, SGST, or UTGST is paid by the importer. #TradeUpdate #FinanceBill2024 #Customs #ImportDuties #SADexemption

Amendment in Chapter 90 in First Schedule of Customs Tariff Act, 1975: MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION NO. 15/2024-Customs New Delhi, the 12th March, 2024 G.S.R. 182(E). WHEREAS the Central Government on being satisfied that the import duty leviable on goods, falling under Chapter 90 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) , should be increased and that circumstances exist which render it necessary to take immediate action. NOW, therefore, in exercise of the powers conferred by sub-section (1) of section 8A of th... ... ... http://dlvr.it/T40Dw6 #Customs #Notifications #TaxLaws #TaxTMI

Levy of Penalty while waiver of customs duty - Foreign Trade (Development and Regulation) Act, 1992 (FT Act) - While the rehabilitation scheme sanctioned by BIFR provided for a waiver of customs duty and interest, the penalty was specifically imposed under Section 11(2) of the FT Act for non-fulfillment of export obligations - The court scrutinized the language of Section 11(2) and emphasized that it applies when there is a contravention of the provisions of the FT Act, rules, or foreign trade policy. In this case, the failure to fulfill the export obligation did not amount to a contravention under Section 11(2). As such, the imposition of the penalty was deemed unjustified. http://dlvr.it/T6v6Sy #Customs #Highlights #TaxLaws #TaxTMI

Insights into the latest customs tariff amendments for 2024, designed to optimize trade dynamics and economic strategies. #Budget2024 #DHC #DesaiHaribhakti #BudgetwithDHC #CustomsTariff #TradePolicy #EconomicStrategies #ViksitBharat2047 #TogetherToTheFuture

Deposit in Customs and Duty refund According to the Customs Act, there are distinct procedures for refunding deposits and duties. #duty#deposit#DGFT#import#export#icegate#onlineapplication#drawback#refund#Rodtep#customsACt#SVB

Anti-Dumping Duties: A Comprehensive Analysis of the Customs Tariff Act, 1975: Section 9A - Anti-dumping duty on dumped articles Customs Tariff Act, 1975 Introduction The concept of anti-dumping duties is pivotal in international trade and economic policy. This article delves into the intricate provisions of the Customs Tariff Act, 1975, specifically Section 9A, which deals with anti-dumping duties on dumped articles. Understanding these provisions is crucial for stakeholders in the international trade arena, including policymakers, businesses, and legal prac... ... ... http://dlvr.it/T1RWSR #Customs #FAQ #TaxLaws #TaxTMI

The EU is set to implement binding customs value information (BVI) decisions, enhancing transparency and compliance in customs procedures. Find out how this regulation update affects you in our latest blog! #EURegulation #Customs #Trade #BVI