Our nation is celebrating the completion of 60 glorious years of the ‘Customs Act, 1962 : PHD Chamber organizes “Seminar and Trade Interaction on Customs (IGCRS) Rules, 2022
Indian custom departments are always at the forefront of modernizing and quickly adapting the latest technologies Said S K Agarwal, Member, CBIC, Government of India
The introduction of a single-window system brings all regulatory agencies to the same platform. Indian custom departments are always at the forefront of modernizing and quickly adapting the latest technologies in the last couple of years. CBIC introduced the facility of 24×7 Customs clearance in the year 2012 for ‘facilitated’ bills of entry and factory-stuffed containers and goods exported under free Shipping Bills at 19 sea ports and 17 air cargo complexes. India has achieved satisfactory and desired results from various Free Trade Free Agreement (FTA), which includes provisions for expediting the movement, release & clearance of goods, (including goods in transit), Said Shri S.K. Agarwal, Member, CBIC, Government of India in a programme on Celebration of 60 Glorious Years of Customs Act, 1962, organised by PHD Chamber of Commerce and Industry.
Customs (Import of Goods at Concessional Rate of Duty or specified use) rules 2022 provide for procedural safeguards to ensure that the goods imported are used for the specified end use purposes. The Customs dept. plays a significant role in the collection of revenue and strengthens the economy of the country, Said Shri S.K. Rahman, Principal Commissioner, Customs, Government of India.
Custom duty 1962 is the duty imposed on the value of the goods at a specific rate which is fixed at a specified rate of ad-valorem, later it was amended from time to time and today is regulated with the Customs Tariff Act of 1975 and ancillary rules and regulations under the Customs Act. Custom duty act helps the industry to fulfil the Hon'ble PM's initiative “Make in India” and work as a safeguard for the country, Said Shri Hemant Jain, Vice President, PHD Chamber of Commerce and Industry in his welcome address.
The Custom Act of 1962 is a multipurpose legislation fulfilling various objectives of the govt. including regulation of import & export, collection of duty, protecting the Indian industry from dumping etc. IGCRS Rules boost domestic manufacturing and provides ease of business with self-reliant India. With one time prior intimation with IGCR Identity Number with submission of Continuity Security/ Surety Bond, the importer can avail the benefit of an exemption notification for import of goods for manufacturing, output services and specified end use. This also permits Job Work, Inter-Unit Transfer, Re-export and/ or home dispatch of goods imported under IGCRS Rules, Said Shri Bimal Jain, Chairman, Indirect Taxes Committee, PHD Chamber of Commerce and Industry.
The Seminar was sponsored by PHDCCI’s Annual Sponsors – Multani Pharmaceuticals Ltd; Star Wire; PG Industry; Uflex Ltd; DLF Ltd; Continental Carriers Pvt Ltd; Belair Travel & Cargo Pvt Ltd; Radico Khaitan Ltd; Jindal Steel & Power; MMG Group; Paramount Communications; Superior Industries Limited; JK Tyre & Industries Ltd; SMC Investments and Advisors Ltd; Crystal Crop Protection Ltd; Sagar Group of Industries; Samsung India Electronics; Comtech Interio; R E Rogers; AYUSH Herbs Private Ltd; Apeejay Stya Group; DCM Shriram; EaseMyTrip; Blossom Kochhar Beauty Products Pvt Ltd; Oswal Greentech; Trident Group; MV Cotspin Ltd; Synergy Environics Ltd; Ajit Industries Pvt Ltd; P S BEDI & Co.; Indian Farmer &Fertilizers Corporation Ltd; Jindal Steel; Hindware Sanitary; Modern Automobiles; Livit Ltd; Central Coalfields Ltd ; Axa Parenterals; Bhagwati Plastic and Pipes Industries; J K Insurance Brokers Ltd; DD Pharmaceutical Ltd.
“This content is provided by the company and the website will not be responsible in any way for the content of this article.”