Category: Customs

May 08

Know about the difference between export invoice and customs invoice

When conducting international trade, it’s important to understand the different types of invoices that may be required. Two types of invoices that are commonly used in international trade documentation are export invoices and customs invoices. While both types of invoices provide information about the goods being shipped, they serve different purposes and are used by different parties in the transaction. The key differences between export invoices and customs invoices: Export Invoice An export invoice is a commercial document that is Read Full Details…

Mar 03

How to Get Benefits of EXIM Scheme Code

Export-Import (EXIM) Scheme Code is a unique 10-digit code assigned by the Directorate General of Foreign Trade (DGFT) to importers and exporters. It is used to identify the goods that are imported or exported and determine the benefits that can be availed under various schemes. Benefits of EXIM Scheme Code: Avail Export Benefits: With the EXIM Scheme Code, exporters can avail various benefits such as Duty Drawback, Advance Authorization, Export Promotion Capital Goods (EPCG) Scheme, etc. These benefits help in Read Full Details…

Feb 02

Legislative Changes in Customs Laws

Under the newly proposed union Budget 2023 the Union Ministry has proposed certain major legislative changes in Customs Laws. The legislative changes are; Section 25 (4A) is being amended to exclude certain categories of conditional customs duty exemptions from the validity period of two years, such as, notifications issued in relation to multilateral or bilateral trade agreements; obligations under international agreements, treaties, conventions including with respect to UN agencies, diplomats, international organisations; privileges of constitutional authorities; schemes under Foreign Trade Read Full Details…

Feb 02

Budget 2023: Commerce Ministry urges reduction in gold import duties to boost jewellery exports

To address the current account deficit (CAD) and surging imports of the yellow metal, the Centre increased the import levy on gold from 10.75 per cent to 15 per cent in July of this year. 12.5 per cent is the standard customs charge on gold. The Commerce Ministry has requested that the import duty on gold be reduced in the upcoming Budget in order to boost exports and manufacturing in the gems and jewellery sector, PTI quoted sources as saying. Read Full Details…

Jan 28

WCO Secretary General addresses EU Customs representatives

At the invitation of the Swedish Presidency of the Council of the European Union (EU), the Secretary General of the World Customs Organization (WCO), Dr. Kunio Mikuriya, spoke at the EU’s Working Party on Customs Union on 25 January 2023. He presented the WCO’s Strategic Outlook for 2023 and highlighted the focus areas for the current year as well as the Organization’s modernization initiatives and the new theme of the year “Nurturing the next generation: promoting a culture of knowledge-sharing Read Full Details…

Jan 27

9 more firms recognised as authorised economic operators

The revenue board announced the names in a programme on World Customs Day at a capital hotel, where 18 entities were also awarded International Customs Organisation’s certificates of merit The National Board of Revenue (NBR) has recognised nine more companies, including Fair Electronics and Omera Cylinders, as authorised economic operators – who enjoy some privileges at ports during export-import. Other firms are Shoeniverse Footwear, Jihan Footwear, ACI Godrej Agrovet, Towa Personal Protective Device Bangladesh, Cutting Edge Industries, MBM Garments and Read Full Details…