Passenger name record information and crew manifest

Passenger name record information and crew manifest

providing the passenger and crew manifest for arrival and departure and passenger name record information.

Section 157 is being amended so as to empower Board to make regulations for

specifying the form, particulars, manner and time of providing the passenger and crew

manifest for arrival and departure and passenger name record information and penalty

in the case of delay in delivering the information.

New procedures for settlement Commission

Change in Settlement Commission procedures

Section 127B is being amended so as to insert a new sub-section (5) therein to enable

any person, other than applicant, referred to in sub-section (1) to make an application

to the Settlement Commission.

Sub-section (3) of section 127C is being amended so as to substitute certain words

therein. It further seeks to insert a new sub-section (5A) therein to enable the

Settlement Commission to amend the order passed by it under sub-section (5), to

rectify any error apparent on the face of record.

Warehouse facility for imported and exported goods

Storage / Warehouse facility for imported goods

Section 49 is being amended to extend the facility of storage under section 49 to

imported goods entered for warehousing before their removal. 

Storage / Warehouse facility for Exported goods

Section 69 relating to clearance of warehoused goods for exportation is being

amended to align it with the proposed omission of section 82.

Mandatory filing of B/E and duty and interest

Mandatory to file the bill of entry before the end of the next day

Sub-section (3) of section 46 is being substituted so as to make it mandatory to file the

bill of entry before the end of the next day following the day (excluding holidays) on

which the vessel or aircraft or vehicle carrying the goods arrives at a customs station

at which such goods are to be cleared for home consumption or warehousing and to

provide for imposition of such charges for late presentation of the bill of entry as may

be prescribed.

Payment of duty and interest thereon

Sub-section (2) of section 47 is being amended so as to provide the manner of 

payment of duty and interest thereon in the case of self-assessed bills of entry or, as

the case may be, assessed, reassessed or provisionally assessed bills of entry.

Obligatory for person-in charge Of a conveyance

Obligatory on the person-incharge of a conveyance

A new section 30A is being introduced so as to make it obligatory on the person-incharge

of a conveyance that enters India from any place outside India or any other person as may be specified by the Central Government by notification in the Official Gazette, to deliver to the proper officer the passenger and crew arrival manifest before arrival in the case of an aircraft or a vessel and upon arrival in the case of a vehicle; and passenger name record information of arriving passengers in such form, containing such particulars, in such manner and within such time as may be prescribed. The section also intends to provide for imposition of a penalty not exceeding fifty thousand rupees as may be prescribed, in the case of delay in delivering the information.

A new section 41A is being introduced so as to make it obligatory on the person-incharge of a conveyance that departs from India to a place outside India or any other person as may be specified by the Central Government by notification in the Official Gazette, to deliver to the proper officer the passenger and crew departure manifest and passenger name record information of departing passengers before the departure of the conveyance in such form, containing such particulars, in such

manner and within such time as may be prescribed. The section also intends to provide for a penalty not exceeding fifty thousand rupees as may be prescribed in the case of delay in delivering the information.

Global Tax Guru: Same Advance Ruling Authority for Customs & Income...

Global Tax Guru: Same Advance Ruling Authority for Customs & Income...: Same Advance Ruling Authority for Customs & Income Tax Clause (e) of section 28E is being amended so as to substitute the definiti...

Same Advance Ruling Authority for Customs & Income Tax and new procedures

Same Advance Ruling Authority for Customs & Income Tax

Clause (e) of section 28E is being amended so as to substitute the definition of

“Authority” to mean the Authority for Advance Ruling asconstituted under section 245-O of the Income-tax Act, 1961.

. Section 28F is being amended so as to provide that the Authority for Advance Rulings

constituted under section 245-O of the Income-tax Act shall be the Authority for giving

advance rulings for the purposes of the Customs Act. It further seeks to provide that

the Member of the Indian Revenue Service (Customs and Central Excise), who is

qualified to be a Member of the Board, shall be the revenue Member of the Authority

for the purposes of Customs Act. It also seeks to provide for transferring the pending

applications before the Authority for Advance Rulings (Central Excise, Customs and

Service Tax) to the Authority constituted under section 245-O of the Income-tax Act

from the stage at which such proceedings stood as on the date on which the Finance

Bill, 2017 receives the assent of the President.

Procedurals amendments in working of Authority

Section 28G relating to vacancies not to invalidate proceedings is being omitted.

Sub-section (3) of section 28H is being amended so as to increase the application fee

for seeking advance ruling from rupees two thousand five hundred to rupees ten thousand on the lines of the Income-tax Act.

Sub-section (6) of section 28I is being amended so as to provide time of limit of six months by which Authority shall pronounce its ruling on the lines of the Income-tax Act.

Refund & No Unjust enrichment -if assessment / reassessment before Out of Charge is given

Sub-section (2) of section 27 is being amended so as to keep outside the ambit of

unjust enrichment, the refund of duty paid in excess by the importer before an order

permitting clearance of goods for home consumption is made, where-

(i) such excess payment is evident from the bill of entry in the case of selfassessed bill of entry 

or

         (ii) the duty actually payable is reflected in the reassessed bill of entry in the case of reassessment.

Self assessment-documents

Documents for verification of self assessment.

Section 17 is being amended to rationalize the requirement of documents for 

verification of self assessment.  

Change in Indian postal customs

Change in Postal customs & procedures- New regulation for entry

Section 82 relating to label or declaration accompanying goods to be treated as entry

is being omitted.

Section 84 is being amended to empower the Board to make regulations to provide for

the form and manner in which an entry may be made in respect of goods imported or

to be exported by post.

Foreign Post office & international courier terminal will be Custom station

Changes  in Foreign Post Office and International Courier Terminal. 

Foreign Post Office and International Courier Terminal are now in the Customs Station ( Section 7 of THE CUSTOMS ACT, 1962)

Section 7 is being amended to empower the Board to notify Foreign Post Offices and International Courier Terminals.  

#GlobalTaxGuru a new category of Beneficial owner

#Beneficial owner - A beneficial owner as any person on whose

behalf the goods are being imported or exported or who exercises effective

control over the goods being imported or exported clause (3A)of Section 2 of THE CUSTOMS ACT, 1962

Beneficial owner - new in THE CUSTOMS ACT, 1962

Beneficial owner - A beneficial owner as any person on whose

behalf the goods are being imported or exported or who exercises effective

control over the goods being imported or exported  [clause (3A)  of Section 2 of THE CUSTOMS ACT, 1962]

#EaseOfDoing business and Export Promotion - personal import- Free duty allowance is now upto CIF Rs 1000 per consignment

De-minimis customs duties exemption limit for goods imported through parcels, packets and letters- 

It is now CIF value not exceeding Rs.1000 per consignment

#Budget2017withGlobalTaxGuru now personal import benefits available to courier import too.

Chapter Note (4) of Chapter 98 is being amended so as to remove the non-applicability of headings 9803 and 9804 to goods imported through courier service.

 Also, heading 9804 is being amended so as to extend the classification of personal imports by courier, sea, or land under this heading.

#Budget2017withGlobalTaxGuru on CBEC

No Change in CBEC functioning and no major change in Customs & Excise duty, as same will be  covered by GST.

#Budget2017withGlobalTaxGuru on personal income tax

Reduce income tax rate by 5 % , for Income between 2.5 lakhs to 5 lakhs. 

#Budget2017withGlobalTaxGuru on political funding

Maximum cash deposit from any individual only Rs 2000/
 Electrol bond can be purchased
 Conditions for Income Tax exemption to political party.

#Budget2017withGlobalTaxGuru on Income tax

Not to permit more than Rs 3 lakhs as cash from Bank.

#Budget2017withGlobalTaxGuru on SME

Income tax by 5% reduced on company turnover less than Rs 50 Crore .

#Budget2017withGlobalTaxGuru on Tax

India tax to GDP ratio is low
Very low tax compliance , more tax avoidance as compared to income generation.
Changing colour of money
Stimulate growth, simplification of tax, affordable house
Capital gain to reduce from three years to two years in housing & land.

#Budget2017withGlobalTaxGuru Head Post office will also be used for Transport

#Budget2017withGlobalTaxGuru on education

No entrance exam by CBSE
Separate body for IIT & Medical examination

#Budget2017withGlobalTaxGuru on Indian Railway

Railway focus on
Passenger safety
Joint sectors with 9 states
Swachch Railway

#Budget2017withGlobalTaxGuru. Discontinue of Railway budget a colonial practice

#Budget2017withGlobalTaxGuru #Demonitaztion impact will not spillover in next year

#Budget2017withGlobalTaxGuru lot of expectation after demonitisation

First time it is on 1st Feb.
First time Railway budget is part of general budget.