Finance Ministry defers implementation of Customs Circular requiring additional declarations for import/export of specified chemical products, pursuant to Forum’s advocacy efforts with CBIC.
The Central Board of Indirect Taxes and Customs (CBIC) has amended Project Imports Regulations,1986 to exclude solar power plants and solar power projects from specified projects entitled to concessional rate of duty for import of goods, effective October 20, 2022. The Notification No. 54/2022 – Customs dated October 19, 2022 can be accessed here.
CBIC has issued a notification to include “Industrial Valves” classifiable under HSN 8481 in List 33 of the Notification 50/2017 – Customs, dated June 30, 2017 (‘Master exemption notification’) and these goods shall now be exempt from customs duty and eligible for concessional GST. USISPF had been advocating for the inclusion of these goods in the exemption list on behalf of its members in the oil & gas sector. Since Industrial Valves are widely used for oil & gas exploration works, this is a major relief for the petroleum and gas industry. The Notification No. 50/2022-Customs, dated September 27, 2022 can be accessed here.
Pursuant to the earlier advisory dated June 28, 2022 pertaining to Anonymised Escalation Mechanism under Faceless Assessment for submitting grievance regarding delay in clearance of Bill of Entry, the Central Board of Indirect Taxes & Customs has issued an additional advisory to enable the option to track and file grievance using ICEGATE portal. The advisory dated August 02, 2022 can be accessed.
As part of its Faceless Assessment Scheme under Customs, CBIC has issued an advisory for steps to be followed by ICEGATE registered users seeking to opt for Anonymised Escalation Mechanism in respect of grievances filed for delay in clearance of Bill of Entry. The advisory dated June 28, 2022 laying down these steps can be accessed.
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