Central Board of Indirect Taxes and Customs Current Affairs, GK & News

National Time Release Study (TRS) 2022

The Central Board of Indirect Taxes and Customs (CBIC) has recently presented a set of Time Release Studies (TRS) that have been conducted by the department. TRS is a tool for performance measurement and assesses the international trade’s cargo clearance process. Overview: The World Trade Organization (WTO) recommends the TRS under the World Customs Organization ..

Month: 

Category: 

Topics: 

Exemption of Customs Duty on Cotton Import

To reduce the cotton prices, the Indian government has decided to exempt all customs duties on the imports of cotton. This exemption announced by the government will be benefiting the textile chain- fabric, yarn, made-ups, and garments as well as provide relief to the consumers and the textile industry. Overview: The removal of 5 percent ..

Month: 

Category: 

Topics: 

RoDTEP Scheme: India notifies Duty Rebate Rates

Centre government notified the rates and guidelines for Remission of Duties and Taxes on Exported Products (RoDTEP) export incentive scheme. Key Points This scheme for zero rating of exports will help in boosting India’s exports and competitiveness across the global markets. Rates under RoDTEP scheme for different sectors have been set as 0.5 per cent, ..

Month: 

Category: 

Topics: 

CBIC launches Compliance Information Portal (CIP)

Central Board for Indirect Taxes & Customs (CBIC) have launched the Indian Customs Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP. Key Points Portal will provide free access to information on all Customs procedures and regulatory compliance. Information would be provided for nearly 12,000 Customs Tariff Items. This facilitation tool will empower business as well as any ..

Month: 

Category: 

Topics: 

What is HSN Code?

The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to mention the 8 digit HSN code in tax invoices for 49 chemical-based products while issuing GST invoice. The move is expected to reduce tax evasion. HSN or Harmonized System of Nomenclature code is a system for classification of goods across the ..

Month: 

Category: 

Topics: 

Safety of explosives at warehouses in India being checked

The Central Board of Indirect Taxes and Customs has directed the field offices to verify within 48 hours that all explosive materials lying in Customs warehouses and ports are compliant with the safety standards as required and also that they should not pose any kind of danger to the lives of common people. This step ..

Month: 

Category: 

Topics: