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

Parliament adopts resolution levying 200% duty on Pakistani goods

Parliament has adopted a statutory resolution for levying 200% duty on all goods originating in or exported from Pakistan. Statutory Resolution is a resolution in pursuance of a provision in the Constitution or an Act of Parliament. Besides,the resolution related to increasing basic custom duty on lentils, boric acid and diagnostic and laboratory reagents has… Continue reading Parliament adopts resolution levying 200% duty on Pakistani goods