A flagship publication that captures key developments in the areas of Tax and Regulatory
Introduction
We are pleased to present the latest edition of
- The '
Focus Point ' covers an insight into the significance of the Customs (Administration of Rules of Origin under Trade Agreement) Rules, 2020. - Under the 'From the Judiciary' section, we provide in brief, the key rulings on important cases, and our take on the same.
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Our 'Tax Talk' provides key updates on the important tax-related news from
India and across the globe. - Under 'Compliance Calendar', we list down the important due dates with regard to direct tax, transfer pricing and indirect tax in the month.
An insight into the significance of the Customs (
As part of its commercial, strategic and diplomatic endeavors over the decades,
Such concessional imports require adherence to certain conditions such as the fulfillment of the 'Regional Value Content' (RVC) or the 'origin criteria.' The origin criteria intend to ensure that the partial or full Customs duty exemption benefits are provided only for goods originating from countries/trade blocs with which
In recent times, certain Indian manufacturers have raised apprehensions with the government that the Customs duty exemption benefits under these trade agreements are misused by some importers by claiming benefit in respect of goods which do not originate from the specified countries, thereby hampering domestic manufacturing as well as resulting in a disadvantage to non-FTA importers. In certain cases, even the Indian Customs authorities were seeking to deny Customs duty exemption benefits to importers by disputing the regional value content mentioned in the Certificate of Origin. However, such action on the part of the Customs authorities was struck down by the courts in several cases.
Introduction of CAROTAR
A need was felt for Indian Customs officials to have wider powers to deny Customs duty exemption benefits to importers in case of inadequate information. Therefore, Hon'ble Finance Minister, in her Budget speech on
The CAROTAR are in addition to the Rules of Origin, which have been already notified under various PTAs/FTAs, and intend to provide further powers to the Customs officials to inquire into imports where they have a reason to believe that the origin criteria has not been met.
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