Tag: GIFT

CBIC seeks inputs to combat ‘gift’ import duty loophole

Recently,the Mumbai Customs department has stopped clearing parcels under the gifts and samples route. According to the Foreign Trade Act,gift items of a value of up to ₹5,000 received from foreign countries to people residing in India are exempted from customs duty. However,there is no cap on the number of gifts an individual can receive.… Continue reading CBIC seeks inputs to combat ‘gift’ import duty loophole