Clarification on difficulties related to recent amendments in Customs Act, 1962

  Instruction No. 12/2017-Customs F.No.450/10/2017-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) New Delhi, dated the 31st August, 2017 To All Principal Chief Commissioner/Chief Commissioner of Customs /Custom (Preventive), All Principal Chief Commissioner/Chief Commissioner of Central Tax, Central Excise & Customs All Director General. All Principal Commissioner/Commissioner of Customs / Customs (Preventive), All Principal Commissioner/ Commissioner of Central Tax Central Excise & Customs Sir /Madam, Subject: Clarification on difficulties related to recent amendments in Customs Act, 1962 —reg. Kind reference is drawn to Notification No. 26/2017-Customs (N T.) and Notification No. 27/2017-Customs (N.T.) dated 31.03.2017, amending Bill of Entry (Electronic Integrated Declaration) Regulations, 2011 and Bill of Entry (Forms) Regulations, 1976 respectively to prescribe late charges for delayed presentation of Bill

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The Taxation Laws (Second Amendment) Act, 2016 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 16th December, 2016. PRESS RELEASE Sub: Notification of The Taxation Laws (Second Amendment) Act, 2016 The Taxation Laws (Second Amendment) Act, 2016 has come into force on 15th December, 2016. The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) introduced vide the said Act shall commence on 17th December, 2016 and shall remain open for declarations up to 31st March, 2017. The rules in this regard have been notified vide Notification No.116 dated 16th December, 2016 and have been placed in public domain. A separate notification has been issued for Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 by Department of Economic Affairs. The salient features of the Scheme

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A practical insight to Pradhan Mantri Garib Kalyan Yojana- PMGKY & Taxation Law Second Amendment Act

  After almost a month and 8 days of demonetization, a new scheme PMGKY has been signed by President. It’s a Voluntary Disclosure Scheme. Rates has been kept higher at 49.90% than earlier Voluntary Disclosure Scheme which was at 45% [Income Tax 30% + Krishi Kalyan Cess @ 25% of taxes + Penalty @ 25% of Tax]. Before getting into details of Scheme, here is a brief about it: The Taxation Laws (Second Amendment) Act, 2016 has come into force on 15th December, 2016. The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) introduced vide the said Act shall commence on 17th December, 2016 and shall remain open for declarations up to 31st March, 2017. The rules in this regard have been notified vide Notification

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Download GST Bill as Gazette: Constitution One Hundred & First Amendment Act, 2016

  MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 8th September, 2016 The following Act of Parliament received the assent of the President on the 8th September, 2016, and is hereby published for general information:— THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) ACT, 2016 [8th September, 2016.] An Act further to amend the Constitution of India. BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:‑ Short title and commencement 1. (1) This Act may be called the Constitution (One Hundred and First Amendment) Act, 2016. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any such provision

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Guidelines regarding Provisional Assessment under section 18 of the Custom Act, 1962

Circular No. 38/2016-Customs F.No: 465/01/2016–Cus V Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs Dated 22nd August 2016 To, All Principal Chief Commissioners of Customs / Customs & Central Excise All Chief Commissioners of Customs, All Chief Commissioners of Customs & Central Excise, All Directorate-Generals, Chief Departmental Representative, All Principal Commissioners of Customs, All Principal Commissioners of Customs & Central Excise, All Commissioners of Customs, All Commissioners of Customs & Central & Excise Subject:-Guidelines regarding Provisional Assessment under section 18 of the Customs Act, 1962 The Customs (Provisional Duty Assessment) Regulations 2011 issued under notification no. 81/2011 – Customs (NT) dated 25.11.2011 were reviewed in view of references from the field formations regarding guidelines on the implementation of Regulation 2(2) and Regulation 4. 2. Regulations

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GST impact on economy : An analysis

GST impact on economy Indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to multiplicity of taxes and costs involved. With hopes that the Goods and Services Tax (GST) will see the light of the day, the way India does business will change, forever. Total tax collection in India (direct & indirect), currently stands at Rs 14.6 lakh crore, of which almost 34 per cent comprises indirect taxes, with Rs 2.8 lakh crore coming from excise and Rs 2.1 lakh crore from service tax. With the implementation of the GST (Goods and Services Tax), the entire indirect tax system in India (excise, state-level VAT, service tax) is expected to evolve. The tax revenue mix can change as per the economic condition of

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Simplified Central Excise norms for Jewellery Sector notified

F. No.296/07/2016-CX.9 Govt. of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs)   New Delhi, the 28th   July, 2016 OFFICE MEMORANDUM   Please find enclosed a press release issued by Central Board of Excise and Customs w.r.t. — “Simplified Central Excise norms for jewellery sector notified” for taking necessary action at your end.   Encls: As above   Sd- (Manish Mohan Govil) Official Spokesperson Phone No. 011- 2309 3667   Sh. D.S. Malik, ADG (M&C), Ministry of Finance, North Block, New Delhi. PRESS RELEASE Subject: Simplified Central Excise norms for jewellery sector notified – Implementation of the recommendations of the Sub-Committee of the High Level Committee – Regarding. In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5%

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Sub-Committee of the High Level Committee to interact with Trade & Industry on Tax Laws

  Regarding Sub-Committee of the High Level Committee to interact with Trade & Industry on Tax Laws to interact with trade and industry on issues relating to compliance procedure for the excise duty, including records to be maintained and any other administrative issues that may be relevant. F. No.296/07/2016-CX.9 Govt. of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) New Delhi, the 13th July, 2016 OFFICE MEMORANDUM Please find enclosed a press release issued by Central Board of Excise and Customs [CBEC] for taking necessary action at your end. Encls: As above   Sd- (Hemambika R. Priya) Commissioner Co-ord. [CBEC] Phone No. 011- 2309 2038   Sh. D.S. Malik, ADG (M&C) Ministry of Finance. North Block, New Delhi.   PRESS RELEASE In this year’s Budget,

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GST to be levied at first point of transaction on all online purchases: model law 

Model GST Law: Sale of goods and services and all online purchases will attract GST at the first point of transaction with the likely rollout of uniform Goods and Services Tax (GST) regime from April 2017. The model GST law, approved by the state finance ministers today, pegged threshold annual turnover for levy of the tax at Rs 10 lakh. The limit will be Rs 5 lakh in North East and Sikkim. The model GST law, which has 162 clauses and 4 schedules, has also suggested a jail terms of up to 5 years and fine for violation of the provisions of the statute. The law also provides for setting up of an Authority for Advance Ruling, Consumer Welfare Fund, a ‘Composition Levy’ for entities with turnover of Rs 50

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Regarding decision of the CESTAT Final Order No 40344/2016 in case of Commissioner of Customs (Import) Vs Do Best Infoway

  F No 390/CESTAT/24/2016-JC Government of India Ministry of Finance Department of Revenue Central Board of excise and Customs New Delhi the 13 April 2016 INSTRUCTION To All the Principal Chief Commissioners/ Chief Commissioner of Customs/ Central Excise/ Service Tax DG DRI/ DGCEI/ Audit/ Performance Management/ ST / GST Commissioner Legal/ DLA/ Coordination webmaster.cbec@icegate.gov.in; Webmaster, CBEC Madam/ Sir, Subject: Decision of the CESTAT Final Order No 40344/2016 in case of Commissioner of Customs (Import) Vs Do Best Infoway, reg CESTAT Final Order No 40344/2016 dated 29th February 2016 in the case of Commissioner of Customs (Import) Vs Do Best Infoway has commented adversely as paras 9 to 13, the casual manner in which the matter was handled by the Adjudicating Authority and the Commissioner (Appeal). CESTAT has in para 14

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