The Finance Ministry has said that gadget manufacturer Xiaomi Technology India Private Limited has evaded customs duty of 653 crore rupees. Xiaomi India sales products under the MI brand. An investigation was initiated by the Directorate of Revenue Intelligence against Xiaomi India and its contract manufacturers. During the investigation, searches were conducted at the premises of Xiaomi India, which led to the recovery of incriminating documents indicating that Xiaomi India was remitting roy...

The Central Board of Indirect Taxes and Customs (CBIC) has done away with the requirement of periodic renewals of licence or registration issued to customs brokers and authorised carriers, a move which would reduce compliance burden for trade. The CBIC has amended the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment Regulations, 2018, to state that all such existing licenses/registration would have a lifetime validity. "The CBIC has with effect from ...

The CBIC has streamlined certain processes in Customs faceless assessment under which a customs officer would have to communicate his 'first decision' on the import document filed by an importer within three working hours. In a circular to all principal chief commissioners of customs, the Central Board of Indirect Taxes and Customs (CBIC) said it has reviewed the implementation of Faceless Assessment and deliberated on the further measures required for expediting the pace of assessmen...

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday said it has suspended licences of 56 customs brokers linked with fraudulent exporters. The Directorate General of Analytics and Risk Management (DGARM) had carried out data analytics of customs brokers linked with fraudulent/unscrupulous exporters and the findings have resulted in suspension of licences of 56 customs brokers. “Licences of 56 customs brokers including those of 37 from Delhi have been suspended since August ...

The Customs Department will roll out pan-India faceless assessment for all imported goods by October 31, the Central Board of Indirect Taxes and Customs (CBIC) has said. While faceless assessment for import of certain goods was already rolled out in Bengaluru and Chennai ports on June 8, it was extended to Delhi and Mumbai Customs on August 3. This will now be extended in phases to all ports across the country by December 31. “Board has decided to roll out the Faceless Assessment at an ...