The system of ‘Standard to Secure and Facilitate to Trade framework (SAFE) was introduced by the World Customs Organisation (WCO) in the year 2015. SAFE recommendations by WCO were to be implemented by various customs organizations around the world. India adopted the scheme of the Accredited Client Programme (ACP) with the same objectives much before…
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All You Need to Know About Warehousing of Imported Goods
Introduction Warehousing is a facility for depositing imported goods in a warehouse without payment of duty. In certain circumstances, the importer prefers not to clear the imported goods immediately upon their arrival due to various reasons. The reasons may due to fluctuation in market price, saleability, the requirement in the factory of production, paucity of…
Continue ReadingFaceless Assessment Scheme in Customs to Help India in Ease of Doing Business Rankings
The government of India introduced various measures to increase the ease of doing business in India. Based on its international commitments, amongst many other measures, Faceless Assessment is the latest one. India is ranked 63 among 193 global economies in the ease of doing business. This ranking is indexed according to the latest World Bank…
Continue ReadingRules to Know About Indian Customs Valuation of Export-Import Goods
Indian Customs valuation Rules are considered as an important provision in Customs law. The rates of customs duties leviable on imported and export goods are: specific custom duties or ad valorem basis or on a specific cum ad valorem basis. To know more about different types of duties levied by Indian customs, please read the…
Continue ReadingModes and Types of Customs Duties Leviable in India and its Calculation
Introduction Article 265 of Indian Constitution provides that ‘no tax shall be levied or collected except by authority of law’. Entry No. 83 of List 1 to Schedule VII of the Constitution empowers the Union Government to legislate and collect duties on import and exports. By virtue of this provision, the Customs Act, 1962 was…
Continue ReadingImportant Facts to Know About Importer-Exporter Code (IEC) Number
The system of import and export in India is governed by India’s Export Import (EXIM) Policy formulated by the Ministry of Commerce. Generally, free Import and export of all goods are permitted. The permitted or excepted category of goods are regulated by the EXIM Policy or any other law for the time being in force….
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