News Update

IAS Association condemns attack on Delhi Chief Secretary; demands immediate actionICAI removes name of O P Tulsyan from register of Members for five years in compliance with Allahabad HC orderST - Supreme Court agrees with Larger Bench CESTAT decision in Bhayana Builders - Revenue appeals dismissedCabinet clears bills on illicit deposit & chit funds regulations (See 'TIOLCorplaws')Cabinet nod for Tribunal on river disputeCabinet nod for bus bay near Indian Defence UniversityCabinet nod for coal mining methodologyCabinet okays Indo-Moroccan railway pactFive IRS officers appointed as CESTAT Members - Sanjiv Srivastava (Mumbai) + P Anjani Kr (Mumbai) + P Venkata Subba Rao (Hyderabad) + Bijay Kr (Delhi) + C L Mahar (Delhi)CBDT issues transfer order of four CITsI-T - Incriminating evidences obtained prior to date of search, cannot be roped in to make additions in case of unabated assessments: ITATPNB scam should pave road for financial transparencyBurdensome registration requirement under GST law be done away withST World Bank and International Finance Corporation are part of United Nations, therefore, there is no need to resort to definition of International Organization for extending benefit of notification 16/2002-ST: CESTATAnti Profiteering Application - An analysisCX - Merely on basis of statement given by one employee to police that raw materials worth Rs.2 crore were destroyed in fire, same cannot be taken as gospel truth: CESTATGovt keen to make agri schemes 'income-centric' rather than 'production-centric': MinisterKolkata DRI seizes 12.4 kg elephant tusk being smuggled from Assam to NepalDigital India successing becoz of people's pull: PMFish eats plastic & humans eat fish - serious health hazard: MinisterI-T - When assessee was only a licensee, not having exclusive rights over a property, vide unregistered document, it cannot claim to be owner of property for purpose of Sec 22: HCRailways relaxes upper age limit for Group C postsNo GST is leviable on goods sold/transferred while remaining in Customs bonded warehouseLeviability of IGST and as well as Compensation cess under Customs ActAG expresses concern over CBEC cases being dismissed by SC on ground of delayTime to shift focus from acronyms to gaps in performanceGST - Industry reports cumbersome procedures & high cost of compliance

MESSAGE BOARD

   

Sweeping amendments proposed in s.28 of Customs Act, 1962


Changes in Customs

One can have a glimpse of US law at
https://www.cbp.gov/sites/default/files/documents/icp052_3.pdf

Penalty system is harsher than us. Pls watch:

Section 1592 provides for the assessment of penalties against the alleged
violator at a maximum of:
the domestic value of the merchandise in the case of fraud violations;
four times the loss of lawful duties, taxes, and fees deprived the government, or
the domestic value or, if the violation did not affect the assessment of duties 40%
of the dutiable value if the violation did not affect the assessment of duties (but in
no case to exceed the domestic value of the merchandise), in the case of gross
negligence violations; and
two times the loss of lawful duties, taxes, and fees deprived the government or
20% of the dutiable value if the violation did not affect the assessment of duties
(but in no case to exceed the domestic value of the merchandise), in the case of
negligence violations.

A N 05/02/2018

 

Back