imports Current Affairs, GK & News
Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021: IGCR, 2017 Customs Rules changed
The Government of India recently brought changes to the Customs (Imports of Goods at Concessional Rate of Duty) rules, IGCR 2017 to boost trade facilitation. This was done through the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021. What are the major rules changed? The absence of the newly rules had ..
Month: Current Affairs - May, 2021
Category: Legal & Constitution Current Affairs
Topics: capital goods • Customs Act 1962 • customs duty • IGCR • imports • MSME
UK-India $1.4 billion investment deal
The Government of India and British Government recently finalised a one billion pound of trade and investment with India. This is expected to create 6,500 jobs in the UK. The deal has been finalised ahead of the virtual summit between Indian Prime Minister Narendra Modi and the UK Prime Minister Boris Johnson. The leaders will ..
Month: Current Affairs - May, 2021
Category: International Current Affairs
Topics: Boris Johnson • Education • exports • Free trade agreement • Fruits • imports • India-UK • Narendra Modi • trade deal
IGST on Import of Oxygen Concentrators reduced
The Ministry of Finance recently cut the IGST on import of oxygen concentrators for personal use to 12%. Earlier it was 28%. IGST is Integrated Goods and Services Tax. The decision was announced by the Central Board of Indirect taxes and Customs. The changes are being made in accordance to the IGST Act, 2017. Constitutional ..
Month: Current Affairs - April, 2021
Category: India Nation & States Current Affairs
Topics: Central Board of Indirect Tax and Customs • exports • IGST • imports • medical oxygen • oxygen concentrator • Oxygen Express • Oxygen Generation Plants • oxygen plants • oxygen shortage
Import of 17 medical devices allowed
The Government of India recently allowed import of seventeen medical devices to provide relief to the COVID-19 patients. However, the importer should make mandatory declarations under Legal Metrology Rules, 2011. Which devices were allowed? The Department of Consumer Affairs has allowed the import of the following devices: Nebulizers oxygen concentrators CPAP and BIPAP devices Vacuum ..
Month: Current Affairs - April, 2021
Category: Legal & Constitution Current Affairs
Topics: Drugs and Cosmetics Act • imports • Legal Metrology rules • Medical devices • Nebulisers • oxygen concentrator • oxygen plants
HSN Code: New rules
The Ministry of Finance recently announced that the businesses with annual turn over of more than Rs 5 crores will have to furnish six-digit HSN code on their tax invoices. The businesses with an annual turn over of less than five crores of rupees have to furnish four-digit HSN code. Previously, the requirement was four ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs
Topics: CBIC • exports • GST • HSN • imports • World Customs Organization (WCO)