Customs duty is a tax imposed on goods when they are brought into a country from abroad. The reason for this tax is to protect the economy, jobs, environment, and residents of the country by controlling the flow of goods, especially those that are restricted or prohibited. In this blog we shall understand Types , calculation ,payment and Recent Developments of Customs duty on imported goods in india.

Policy on foreign trade is revealed by the central government of India through the ministry of commerce and industry. In this blog we will discuss important aspects of foreign trade policy 2023.

In India, when a company does business with other companies it's related to (like subsidiaries or affiliates), they need to report these transactions separately to ensure fairness. This is called transfer pricing. To follow tax rules, the company fills out two forms: Form 3CEB and Form 3CD. Form 3CEB needs a detailed report prepared by a chartered accountant. It explains how these transactions with related companies are priced fairly, so taxes aren't avoided.

Transfer pricing laws in India apply to transactions between companies that are related or associated with each other, as well as certain domestic transactions above a specified value threshold. These laws were introduced through sections 92A to 92F and relevant rules 10A to 10E of the Income Tax Rules, 1962.

common questions about GST returns, such as the types of forms, who needs to file each form, and the deadlines for filing. Let's start with an explanation of what GST Returns are.

Section 26 of the Customs Act 1962 allows for getting back export duty paid, Section 26A of the Customs Act, 1962 deals with getting back import duty in certain cases, and Section 27 of the Customs Act, 1962 allows claiming a refund if you paid too much import duty.The relevant provisions of the Customs Acts are summarised as under.

It is crucial to note that goods in transit must have correct documentation. If documents are missing or discrepancies are found, the goods may be held and seized. The detailed provisions relating to seizure, detention and confiscation of goods and vehicles in transit can be found in the Goods and Services Tax Act. Section 130 covers confiscation and penalties, while Section 129 addresses the detention, seizure, and release of goods and vehicles during transit.

The aim of the implementation of the GST is to avoid the cascading effect of GST.Input Tax Credit (ITC) is a critical part of GST designed to address this. ITC allows businesses to balance their tax liability. Section 16 of the Central Goods and Services Tax (CGST) Act specifies the conditions that a registered person must meet to qualify for ITC. These conditions ensure proper claiming of tax credits and prevent taxation on inputs that have already been taxed. Understanding these rules is crucial for businesses operating under the GST system in India.

In recent years, there has been the introduction of a new tax regime in india.Due to this people are in confusion as to which is better and which tax regime is better for their salary.In this blog we will compare old and new tax regime.

The Goods and Services Tax (GST) has changed taxation systems in several countries, providing a thorough approach to indirect taxes. In the construction industry, GST has brought about significant changes, affecting how businesses manage finances. This article examines the impact of GST on the construction industry, highlighting both the challenges and opportunities that have arisen since its introduction.

The Media and entertainment market is globally the fifth largest industry. Entertainment is a broad term that covers several business sectors. It includes many industries dedicated to entertainment. Entertainment is important to our lives and has a fast growth trajectory. It is considered a third sector of the economy. In big cities like Mumbai, people often relax by watching movies on weekends. Initially, the entertainment industry in India faced multiple taxes including central, state, and local taxes on services like movie theaters. However, these taxes were replaced by a single tax after the implementation of GST in India. This article discusses the impact of GST rates on the Media and Entertainment industry.

EOUs came into existence in 1981 to promote the country's exports to get increased foreign exchange and also to create employment. EOUs are provided with several facilities, such as duty-free procurement and GST reimbursements. It can potentially make an EOU competitive globally in any part of India, working in sectors such as manufacturing, agriculture, and software development. In contrast to SEZs, EOUs have much more flexibility in location and requirements. Irrespective of specific problems during the past years, EOUs have continued to play an integral role in export growth for India as well as in the area of providing jobs.