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Country by Country Reporting (CbCR)

28 March 2016

This reporting requirement has been brought in this budget in line with the recommendations of BEPS Action 13 and effective from April 1, 2016 (AY 2017-18). As per Sec.286(2) , an  Indian company who is a Parent entity (Parent ) or an Alternate Reporting entity (Alternate) which is resident in India should file the Country-by-Country report for...

Budget 2016 – Certain key changes in Customs law & procedures

3 March, 2016

The Indian Finance Minister presented today (29th of February) the Finance Budget for the year 2016-17. The Budget, which usually brings into force various tax proposals of the government for the next year, has brought some important changes in the Customs regime bringing some relief to the importers and exporters.

Order denying provisional release of seized goods appealable before Tribunal

29 January, 2016

Section 110 of the Customs Act empowers a proper officer to seize goods while Section 110A allows an adjudicating authority to provisionally release seized goods pending the order of the adjudicating authority. Five Member Larger Bench of the Tribunal has now held that since an order under Section 110A of the Customs Act can be passed only by an adjudicating auth...

Customs duty on electrical energy produced in SEZ and supplied in DTA

29 January, 2016

The Supreme Court has dismissed the petition filed by the Revenue Department against the judgement of Gujarat High Court in the case Adani Power Limited v. UOI. The High Court had quashed Notification No. 25/2010-Cus., and Notification No. 21/2002-Cus. as amended by Clause 60 of the Finance Bill, 2010 (Second Schedule thereto) as being ultra...

WTO members secure Nairobi Package

11 January, 2016

WTO members recently concluded their 10th Ministerial Conference in Nairobi by securing historic agreements on a series of trade initiatives. Centrepiece of the Nairobi Package is a Ministerial Decision on Export Competition, including a commitment to eliminate subsidies for farm exports. Under the decision, developed members have comm...

Circumvention of anti-dumping duty – Time period for change in pattern of trade

11 January, 2016

The Court of Justice of the European Union has held the Council Implementing Regulation (EU) No. 260/2013 invalid. The Regulation had extended the definitive anti-dumping duty imposed by Regulation (EC) No. 1458/2007 on imports of gas-fuelled, non-refillable pocket flint lighters originating in the People’s Republic of China to imports of s...

India revises its model BIT text

11 January, 2016

India finalised the model Bilateral Investment Treaty (BIT) agreement last month. The first version was seen as pro-State with clauses like those relating to investor responsibilities, provision for the host State to make counter claim, absence of Most Favoured Nation clause and so on. The revised text incorporates some changes which make it more...

No interest if differential duty paid before finalization of provisional assessment

1 January, 2016

The Supreme Court of India has dismissed the Special Leave Petition filed by the Revenue department against the order of the Bombay High Court in a case involving liability to pay interest when the duty was paid before finalization of provisional assessment. The Apex Court in its Order dated 14-12-2015, found absence of any merit in the petition filed by the Reven...

PDI and free after sales services charges when not includible in transaction value of vehicles

1 January, 2016

Pre-delivery inspection charges (PDI) and free after sales service charges, which are not charged by the manufacturers of vehicles from the dealers, are not to be included in the transaction value of the vehicles, on which the manufacturer has to pay Central Excise duty.
The Supreme Court has by its Judgement dated 15-12-2015, hence overruled ...

New All Industry Rates of Drawback notified

17 November, 2015
Central Board of Excise and Customs (CBEC) has notified new All Industry Rates (AIR) of Duty Drawback which are effective from 23-11-2015, i.e. will be applicable on exports made from 23rd of November 2015. Further, Customs, Central Excise and Service Tax Drawback Rules, 1995 have been amended by Notification dated 16-11-2015 to...

GST in India – Reports on business processes released

3 November, 2015
The Joint Committees on Business Processes for Goods & Services Tax (GST), set up by the Ministry of Finance, have given their reports providing a broad outline of the processes to be followed in respect of registration, payments, refunds and in case of filing of returns under the proposed GST regime by the assessees.

Provisional release by Customs – Jurisdiction for appeal

21 October 2015

Delhi High Court has held that appeal against provisional release of goods can be filed before Commissioner (Appeals). The Court in a recent judgement (Gurdeep Kaur v. Commissioner) noted that the order in relation to provisional release falls within the description of “order or decision” as provided in Section 128 of...

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