&w=3840&q=100)
Imports under FTAs can be cleared under the provisional assessment
Rajagopalan answers readers' SME queries related to GST, export and import matters
TNC Rajagopalan
Listen to This Article
We import our raw materials under the free trade agreements. We find that invariably the Customs raise some query or the other and the clearance gets delayed. This results in demurrage and even our production schedule gets disrupted sometimes. Is there any way we can avoid that?
The CBIC has issued comprehensive guidelines for provisional assessments vide Circular No. 38/2016- Customs dated 22.08.2016. This circular has been revised after the implementation of the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (referred to as the CAROTAR, 2020) issued vide Notification No. 81/2020-Customs (N.T.) dated 21st August, 2020.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Standard
3 hours ago
- Business Standard
Imports under FTAs can be cleared under the provisional assessment
Rajagopalan answers readers' SME queries related to GST, export and import matters TNC Rajagopalan Listen to This Article We import our raw materials under the free trade agreements. We find that invariably the Customs raise some query or the other and the clearance gets delayed. This results in demurrage and even our production schedule gets disrupted sometimes. Is there any way we can avoid that? The CBIC has issued comprehensive guidelines for provisional assessments vide Circular No. 38/2016- Customs dated 22.08.2016. This circular has been revised after the implementation of the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (referred to as the CAROTAR, 2020) issued vide Notification No. 81/2020-Customs (N.T.) dated 21st August, 2020.
Time of India
3 hours ago
- Time of India
Quoting DIN (document identification number) not needed in tax notices, clarifies CBIC
New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) Monday clarified that quoting a document identification number (DIN) is not required for communications generated through the common portal of GST, including show-cause tax notices, if they already bear a reference number (RFN). The CBIC had amended its earlier circular that made it mandatory to quote a DIN on all communications sent to taxpayers and other concerned persons. The move was initiated after several taxpayers did not respond to GST notices as they did not bear a DIN. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 5 Wealth Management Firms in The United States SmartAsset Learn More Undo The decision to exempt communication bearing RFN from DIN requirement is based on the fact that RFN is already verifiable through the GST portal, providing details of the document such as date of RFN generation, date of issuing the document, module, type of communication and name of the office issuing the document. "It is therefore clarified that for communications via common portal (in compliance with Section 169 of the CGST Act, 2017) having verifiable reference number (RFN), quoting of document identification number (DIN) is not required and such communication bearing RFN is to be treated as a valid communication," the CBIC circular said. Live Events
Time of India
4 hours ago
- Time of India
JJ's post-Class 10 diplomas now just 3 yrs, foundation course out
Pune: In the first overhaul of the art education framework in the state in nearly five decades, the higher and technical education department has revised the eligibility criteria and duration of eight art diploma courses, aligning them with the National Education Policy (NEP) 2020. In the new reforms, the foundational course will be scrapped too. This move will come into effect from the coming 2025-26 academic year and impact the duration of art diploma programmes after Class 10 in institutions such as Mumbai's Sir J J School of Art and Govt College of Art & Design, Chhatrapati Sambhajinagar, among others. The timeframe of J J School's four-year diploma in sculpture and modelling and art education will be curtailed to three years. Students can pursue the degree course after completing the diploma as per old rules and regulations. The updated courses also include diplomas in applied art, drawing and painting, sculpture and modelling, and several specialisations in art and craft such as interior decoration, textile design (printing and weaving), ceramics and pottery, and metal craft. Starting from 2025–26, students can directly enrol in these diploma programmes after completing their Std 10 education, eliminating the need for a foundational course. Until now, students had to complete a one-year foundational course after Class 10 to gain entry into four-year diploma programmes. Previously, students completed a one-year foundational course before becoming eligible for a four-year diploma—an outdated requirement that discouraged enrolment and delayed career opportunities. Under the revised structure, the foundation course has been renamed the foundation certificate in art and design and will be optional, maintaining a one-year (two-semester) format for those still interested. Joint secretary of the state higher and technical education department Santosh Khorgade said this long-awaited change—executed after 50 years—will shorten the duration of these courses from four years to three, making art education more accessible and employment-oriented. "By allowing direct admissions after SSC and aligning with National Education Policy 2020, we aim to give art students the same professional and entrepreneurial edge that other diploma holders enjoy," Khorgade said in a June 6 notification. This initiative will benefit students and increase participation in art education across the state. "These reforms result from collaborative proposals from the directorate of art and the Maharashtra State Board of Art Education, who recognised that the outdated framework was limiting student growth and job-readiness," said Khorgade.
