New Delhi, March 8 (IANS) The Central government has relaxed customs procedures for export cargo that is returning to India after ships were forced to turn back due to disruptions in key maritime routes, including the closure of the Strait of Hormuz.The move comes after several vessels carrying Indian export consignments were unable to reach their destination ports because of the ongoing disruptions in the region.As a result, some ships have returned to Indian ports with cargo that had already b…
Latest CBIC News & Updates
New Delhi, March 1 (IANS) In a bid to significantly improve ease of doing business, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a new facilitation measure for trusted manufacturers by enabling the facility of deferred payment of customs duty to a new category of importers called Eligible Manufacturer Importers (EMIs), it was announced on Sunday.CBIC has issued detailed eligibility conditions, application process and operational guidelines through a circular dated Februa…
New Delhi, Feb 28 (IANS) Union Finance Minister Nirmala Sitharaman said on Saturday that she would look into the issue of the arrest of Fino Payments Bank’s Managing Director (MD) and Chief Executive Officer Rishi Gupta after IT industry leader and former Infosys Chief Financial Officer (CFO) Mohandas Pai flagged GST’s overreach and requested the Finance Minister’s intervention in a social media post. Gupta was arrested on Friday under the Central Goods and Services Tax Act and the State Goods a…
New Delhi, Feb 26 (IANS) The Central Board of Indirect Taxes and Customs (CBIC), along with the Permanent Mission of India to the WTO in Geneva, organised special sessions on trade on the sidelines of the meeting of the Committee on Trade Facilitation at the World Trade Organisation (WTO) in Geneva, according to an official statement issued on Thursday.The event on Tuesday comprised two focused sessions on trade facilitation and capacity building, highlighting India’s transformative reforms un…
New Delhi, Feb 11 (IANS) Anil Rajput, Chairman of FICCI CASCADE, one of the country’s top industry bodies, on Wednesday said the United Nations should declare February 11 as the ‘International Anti-Smuggling Day’ to raise awareness against smuggling globally.Speaking to IANS during an event here, Rajput said that smuggling is increasing both in the country and globally.Therefore, “we urge the United Nations to declare February 11 as ‘International Anti-Smuggling Day’ to raise awareness against…
New Delhi, Jan 16 (IANS) In a bid to strengthen India’s e-commerce and MSME sectors, the government on Friday said it has extended export incentives to postal shipments, with effect from January 15.The Central Board of Indirect Taxes and Customs (CBIC) said it has extended export-related benefits under the Duty Drawback, Remission of Duties and Taxes on Exported Products (RoDTEP) and Rebate of State and Central Taxes and Levies (RoSCTL) schemes to exports made through the postal mode in electr…
New Delhi, Dec 20 (IANS) Finance Minister Nirmala Sitharaman on Saturday discussed simplification of procedures, regulatory predictability, coordinated inter-departmental functioning, efficient fund flows, future-ready tax administration, financing pathways for sustained growth, and leveraging digital tools for transparency, efficiency, and accountability.Sitharaman, along with Minister of State for Corporate Affairs, Harsh Malhotra, chaired the Chintan Shivir of the Ministry of Finance and the …