The Central Board of Excise & Customs (“CBEC”) vide Circular No.18/2016-Customs dated May 14th, 2016 has revised consignment and general bond which is required to be filed under section 59 of Custom Act, 1962. An importer is to execute a triple duty bond (earlier it was double duty bond) at the customs station of import with respect to the goods … Continue reading Amendment_Bond required to be filed under Section 59 of the Customs Act, 1962

Finance Bill, 2016 has received the Presidential assent on May 14, 2016. Now it becomes the Finance Act, 2016 (28/2016). The Finance Bill was presented in the Lok Sabha on February 29, 2016. The Lok Sabha passed the Finance Bill, 2016 on May 5, 2016 and later on, May 11, 2016 it was approved by … Continue reading Finance Act, 2016