Custom Duty

Credit not to be reversed when inputs shown as scrap at lesser value and not written off

Whether reversal of Cenvat credit is required on the inputs which are shown as scrap & value of such inputs was shown at lesser value and not written off in the books of account?...

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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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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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Cabinet approves India -Uruguay agreement for help in Customs matters

Union Cabinet, has approved signing and ratifying an Agreement between India and Uruguay regarding Cooperation and Mutual Assistance in Customs Matters....

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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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Credit not to be reversed when inputs shown as scrap at lesser value and not written off

Whether reversal of Cenvat credit is required on the inputs which are shown as scrap & value of such inputs was shown at lesser value and not written off in the books of account?...

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Clarification of levy of MOT charges in CFSs attached to 24×7 ports

Circular No. 04/2017-Customs - (16/02/2017) - Factory stuffed containers are already covered under 24x7 operations, therefore, MOT charges are not required to be paid in lieu of services (like verification of seals etc) rendered by customs officers at CFSs in respect of such containers....

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Anti-dumping duty on Seamless tubes, pipes & hollow iron profiles etc.

Notification No. 7/2017-Customs (ADD) - (17/02/2017) - Seeks to levy definitive anti-dumping duty on Seamless tubes, pipes and hollow profiles of iron, alloy or non-alloysteel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm or 14″ OD originating in,or expo...

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Rate of exchange of conversion of foreign currency WEF 17.02.2017

Notification No.12/2017-Customs (N.T.) - (16/02/2017) - Central Board of Excise and Customs hereby determines rate of exchange of conversion of each of foreign currencies WEF 17th February, 2017....

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Notification No. 11/2017-Custom (N.T.), Dated: 15.02.2017

Notification No. 11/2017-Custom (N.T.) - (15/02/2017) - Notification No. 11/2017-CUSTOMS (N.T.) -Tariff value Notification in respect of Fixation of tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver...

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Recent Posts in "Custom Duty"

Credit not to be reversed when inputs shown as scrap at lesser value and not written off

Whether reversal of Cenvat credit is required on the inputs which are shown as scrap & value of such inputs was shown at lesser value and not written off in the books of account?...

Read More

Clarification of levy of MOT charges in CFSs attached to 24×7 ports

Circular No. 04/2017-Customs (16/02/2017)

Factory stuffed containers are already covered under 24x7 operations, therefore, MOT charges are not required to be paid in lieu of services (like verification of seals etc) rendered by customs officers at CFSs in respect of such containers....

Read More

Anti-dumping duty on Seamless tubes, pipes & hollow iron profiles etc.

Notification No. 7/2017-Customs (ADD) (17/02/2017)

Seeks to levy definitive anti-dumping duty on Seamless tubes, pipes and hollow profiles of iron, alloy or non-alloysteel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm or 14″ OD originating in,or exported from the People’s Republic of...

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Rate of exchange of conversion of foreign currency WEF 17.02.2017

Notification No.12/2017-Customs (N.T.) (16/02/2017)

Central Board of Excise and Customs hereby determines rate of exchange of conversion of each of foreign currencies WEF 17th February, 2017....

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Notification No. 11/2017-Custom (N.T.), Dated: 15.02.2017

Notification No. 11/2017-Custom (N.T.) (15/02/2017)

Notification No. 11/2017-CUSTOMS (N.T.) -Tariff value Notification in respect of Fixation of tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver...

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Notification No. 10/2017-Customs (N.T.) dated 08.02.2017

Notification No. 10/2017-Customs (N.T.) (08/02/2017)

Central Board of Excise and Customs hereby invests in the officers specified in column (1) of the Table below, the powers of the Customs Officer of the rank specified in column (2) of the said Table, ...

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Guideline for Seizure of Custom goods, documents and things

Instruction no. 01/2017-Customs (08/02/2017)

It has been brought to the notice of the Board that in several cases, goods arc being held-up/seized by the field formations only under panchnama and separate orders for seizure of goods are not being passed....

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Anti-dumping duty on Cold Rolled Flat Products of alloy or non-alloy steel

Notification No. 6/2017-Customs (ADD) (07/02/2017)

Seeks to extend the levy of anti-dumping duty, imposed on Cold Rolled Flat Products of alloy or non-alloy steel originating in or exported from China PR, Japan, Korea RP and Ukraine...

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Anti-dumping duty on Hot Rolled products of alloy or non-alloy steel

Notification No. 5/2017-Customs (ADD) (07/02/2017)

Seeks to extend levy of anti-dumping duty, imposed on Hot Rolled products of alloy or non-alloy steel originating in or exported from China PR, Japan, Korea RP, Russia, Brazil and Indonesia....

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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....

Read More
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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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