The more important question is whether the interpretation given by the customs on the valuation and clearance related provisions is correct? Certainly not. It is pathetic situation that even the top officials of the customs department do not know and understand the customs law and issue such arbitrary clarifications. It is to be noted that in the Kyoto convention to which India is a signatory, it was agreed that the goods in warehouse are as goods as kept beyond a customs territory. Hence the same from that place is to be considered as a high sea sale as the goods are sold before their clearance in domestic market.
Govt amends Passport Rules to substitute certain documents to be attached under Tatkal & non-Tatkal schemes
GST Council extends last date for migrated taxpayers to surrender registration upto March 31, 2018 + reduces penalty for late filing of GSTRs + decides to amend e-Way Bill rules
GST Council reduces tax rate from 28% to 18% on used motor vehicles + from 18% to 12% on sugar boiled confectionary, drinking water packed in 20 litre bottles, bio-diesel and bio-pesticides + from 18% to 5% on components required for satellite launch + LPG supplied for domestic consumption + from 12% to 5% on velvet fabric + from 3% to 0.25% on diamonds & precious stones
GST Council decides to exempt RTI-related services + reduces rate on construction of metro projects to 12% + 5% without ITC on housekeeping service through ECO + 5% rate on tailoring service + 18% rate now on entry ticket to water parks or theme parks