Custom Duty

Positive Impact of Export Facilitation Measures on Exports

Latest data suggests signs of recovery of Indias exports. December 2016 is the continuous 4th month when merchandise exports registered positive growth. Despite weak global demand, India’s overall Trade figures also look good, helped by the strong net foreign exchange earnings from the IT-led Services Export Sector....

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Union Budget 2017- Highlights of Custom Duty Proposals

Definition of following terms is proposed to be incorporated in section 2 of the Customs Act, 1962: Beneficial owner, Passenger Name Record Information, Foreign Post Office and International Courier Terminal...

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Union Budget 2017: Key Changes in Custom Duty

Article disusses amendment in Custom duty carried out /; Proposed by union budget 2017 related to Amendments in Customs Act, 1962 / Customs Tariff Act, 1975, Legislative changes regarding Authority for Advance Ruling/ Settlement of Cases, Amendments affecting rates of BCD etc....

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Budget 2017 Chapter wise changes relating to Customs

Basic Customs duty rate on Cashew nut, roasted, salted or roasted and salted [20081910] is being increased from 30% to 45% by increasing the tariff rate from 30% to 45%. Clause 109 (a) of the Finance Bill, 2017 refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, this increase will come into force with imm...

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Suggested amendments to improve working of Customs Brokers

Section 146 of The Customs Act, 1962 states that no person shall carry on business as an agent relating to the entry or departure of a conveyance or the import or export of goods at any Customs station unless such person holds a license granted in this behalf in accordance with regulations made in this regard by the Board....

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Proposal to amend Customs Valuation (Determination of Price of Imported Goods) Rules, 2007

The Central Govt. proposes to consider the following amendments to the Customs Valuation (Determination of Price of Imported Goods) Rules, 2007...

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Measures to Protect & Promote Domestic Steel Industry Against Cheap Steel Imports

The Ministry of Steel has brought cold reduced low carbon sheets and strips and cold rolled strips under the quality control order vide order dated 18th December 2015....

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Budget 2017: Reduction in duty on Renewable Energy Sector and Cashless Transaction Devices

In a bid to incentivize domestic value addition under Make in India initiative of the Government, the Finance Minister has proposed to reduce Customs and Excise duties on several items related to the Renewable Energy Sector. ...

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Reduce customs duty on chilled & frozen sea food and poultry

Government urged to to reduce customs duty on chilled and frozen seafood from present level of 30% to 10% to bring down food inflation and satiate high demand for seafood in India. ...

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DRI busts Hawala racket, seizes foreign currencies of Rs. One Crore

Delhi Zonal Unit of Directorate of Revenue Intelligence (DRI) busts Hawala racket, seizes foreign currencies worth Rs. One Crore at IGI Airport....

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Registration of FIR is not necessary before arresting a person U/s. 104 of Customs Act

Kishin S. Loungani Vs. Union Of India (High Court Of Kerala at Ernakulam) - It is apparent that the proceedings conducted by an officer of the Central Excise are vitally different from the investigation by a police officer. It is implicit that a person who is making a statement before a Central Excise Officer can be called upon to sign the statement. On a combined reading o...

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Simultaneous penalty on firm & partners restricted to abetment

M/s. Amritlakshmi Machine Works Vs The Commissioner of Customs (Import) (Bombay High Court) - Bombay High Court held that Simultaneous penalty can be imposed both on the partners and partnership-firm under Section 112 (a) where the charge on the firm is of acting or omitting to act rendering the goods liable for confiscation and the notice issued to the partner makes out a separate c...

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Charges having no nexus with import not includible in AV of imported goods

M/s Schwing Stetter (India) Private Limited Vs Commissioner of Customs (Imports) (CESTAT Chennai) - The Appellant imported machinery i.e. Schwing mobile concrete pump placers from their related supplier. Though both the foreign supplier and the Appellant are related, as per the O-I-O of the Deputy Commissioner of Customs (SVB) dated December 22, 2000...

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CESTAT Requests CBEC to issue appropriate Guideline to Quasi-Judicial Authorities

Commissioner of Customs (Import) Vs M/s. Do Best Infoway (CESTAT Chennai) - Revenue has come in appeal before the Hon'ble Tribunal against the order passed by Learned Commissioner (Appeals) setting aside the assessment enhancing the declared value in respect of imported aluminium foil paper from China....

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Custom valuation Rule 4 will not apply if Import is without monetary consideration: SC

M/s GMR Energy Ltd Vs Commissioner of Customs (Supreme Court of India) - In the Case of M/s GMR Energy Ltd vs. Commissioner of Customs, Bangalore, Hon’ble Supreme Court while dealing with the appeal of the assessee and of the revenue held that Rules 4 and 9 of the Custom Valuation Rules, 1988 would only apply in case imported goods are sold for export to India....

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Reduction in basic customs duty from 30% to 10% on sunflower seeds

Notification No. 9/2017-Customs - (23/03/2017) - Amendment to Notification No.12/2012-Customs, so as to reduce the basic customs duty from 30% to 10% on sunflower seeds falling under tariff item 1206 00 90 [i.e. other than of seed quality] for the purposes extraction and refining of oil subject to actual user condition, for the period from 1st Apr...

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Hazira (Surat) Port included in ports mentioned in EP Schemes

Notification No. 08/2017-Customs - (23/03/2017) - Inclusion of Hazira (Surat) Port in the list of ports mentioned in Export Promotion (EP) Schemes Notifications vide Notification No. 08/2017-Customs, dated 23rd March, 2017...

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Notification No. 10/2017-Customs (ADD), Dated: 24.03.2017

Notification No.10/2017-Customs (ADD) - (24/03/2017) - Seeks to order provisional assessment on imports of 1,1,1,2-Tetrafluoroethane or R-134a, originating in or exported from People's Republic of China by M/s. Zhejiang Sanmei Chemical Ind. Co., Ltd....

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Anti-dumping duty on imports of Indolinone from China

Notification No. 9/2017-Customs (ADD) - (24/03/2017) - Seeks to impose anti-dumping duty on the imports of Indolinone originating in or exported from the People's Republic of China up to and inclusive of 20th November, 2019....

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Leggings (knitted or. crocheted) merit classification under CTH 6115

Instruction no. 4/2017-Customs - (21/03/2017) - CESTAT in the case of Commissioners of Customs, Tuticorin Vs. Go Fashions (I) Pvt. Ltd had held the leggings akin to tights and accordingly classified them under CTH 6115. An earlier ruling of the Government of India also held the same....

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Recent Posts in "Custom Duty"

Reduction in basic customs duty from 30% to 10% on sunflower seeds

Notification No. 9/2017-Customs (23/03/2017)

Amendment to Notification No.12/2012-Customs, so as to reduce the basic customs duty from 30% to 10% on sunflower seeds falling under tariff item 1206 00 90 [i.e. other than of seed quality] for the purposes extraction and refining of oil subject to actual user condition, for the period from 1st April, 2017 to 30th September, 2017....

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Hazira (Surat) Port included in ports mentioned in EP Schemes

Notification No. 08/2017-Customs (23/03/2017)

Inclusion of Hazira (Surat) Port in the list of ports mentioned in Export Promotion (EP) Schemes Notifications vide Notification No. 08/2017-Customs, dated 23rd March, 2017...

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Notification No. 10/2017-Customs (ADD), Dated: 24.03.2017

Notification No.10/2017-Customs (ADD) (24/03/2017)

Seeks to order provisional assessment on imports of 1,1,1,2-Tetrafluoroethane or R-134a, originating in or exported from People's Republic of China by M/s. Zhejiang Sanmei Chemical Ind. Co., Ltd....

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Anti-dumping duty on imports of Indolinone from China

Notification No. 9/2017-Customs (ADD) (24/03/2017)

Seeks to impose anti-dumping duty on the imports of Indolinone originating in or exported from the People's Republic of China up to and inclusive of 20th November, 2019....

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Leggings (knitted or. crocheted) merit classification under CTH 6115

Instruction no. 4/2017-Customs (21/03/2017)

CESTAT in the case of Commissioners of Customs, Tuticorin Vs. Go Fashions (I) Pvt. Ltd had held the leggings akin to tights and accordingly classified them under CTH 6115. An earlier ruling of the Government of India also held the same....

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Rebate of State Levies (RoSL) on Export of made-up articles

Circular No. 8/2017 - Customs (20/03/2017)

The Government of India has decided to extend the RoSL on garment exports to exports of made-up articles covered under Chapter 63 of the AIR Drawback schedule. ...

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Errors in bank details given by exporters for claiming export incentives

Instructions no. 3/2017-Customs (16/03/2017)

At times errors exist in Bank account number, IFSC code, etc. given by exporters, which leads to rejection of claim for payment of Duty Drawback by the local bank authorities....

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Rate of exchange of conversion of foreign currency WEF 17.03.2017

Notification No. 22/2017-Customs (N.T.) (16/03/2017)

CBEC hereby determines rate of exchange of conversion of each of foreign currencies WEF 17th March, 2017 vide Notification No. 22/2017-Customs (N.T.) dated: 16/03/2017...

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Provisional assessment on imports of Phosphoric Acid-Technical & Food Grade

Notification No. 8/2017-Customs (ADD) (15/03/2017)

Seeks to order provisional assessment on imports of Phosphoric Acid-Technical Grade and Food Grade (including Industrial Grade), originating in or exported from People's Republic of China by M/s. Guangxi Quinzhou Capital Success Chemical Co. Ltd. (producer or exporter) into India till the finalization of New Shipper Review initiated by DG...

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Notification No. 21/2017-Custom (N.T.), Dated: 15.03.2017

Notification No. 21/2017-Custom (N.T.) (15/03/2017)

Tariff Notification Notification No. 21/2017-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver...

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Latest Custom Duty News

Read all the headlines and latest custom duty news, updates and announcements regarding Customs Act, changes in custom duty rates and custom duty challans only at Taxguru.com

Custom duty is an indirect tax which is applicable on goods which are imported into India and a few goods which are exported out of India. Globally, countries levy custom duties over import and export of goods for raising revenue and also for shielding their domestic companies from competitors from several other countries. Custom duty in India is imposed on almost universally all the goods which are imported into India. Export duties are imposed on few goods as provided under Second Schedule. These duties are not imposed on few items such as lifesaving drugs or equipment, food grains, fertilizers etc. Import duties are divided into basic duty, true countervailing duty, additional customs duty, protective duty, anti-dumping duty and education cess.

Customs duty in India is imposed according to the value of the goods or their weight, dimension and other various criteria as per the goods. Where the duties are based on goods value, then the custom duties are known as ad valorem duties, and where the duty is based on quantity or weight, the duties are known as specific duties.

Customs Act, 1962 empowers the government of India for levying customs duty, prohibiting import and export of goods, framing policies for exporting and importing and penalties, offences etc. All the matters which are related to custom duty comes under the CBEC (Central Board of Excise & Customs). The Central Board of Excise & Customs also formulates policies with respect to custom duty rate, smuggling prevention and administrative decisions that are related to customs formations.

Get all the latest custom duty news and updates here at Taxguru. We offer a cohesive and detailed analysis of the relevant updates and announcements related to custom duties. We keep our site updated with all the latest updates, announcements and news on custom duty. Get to know about all the changes and updates to the custom duty challan and other such specific details.

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