Custom Duty - Page 10

Reduction of import duty on wheat, potatoes & crude palm oil

Central Government reduced import duty on wheat, potatoes and crude palm oil , to stabilize prices of these commodities in country ...

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Notification No. 148/2016-Customs (N.T.) Dated 15.12.2016

Notification No. 148/2016-Customs (N.T.) (15/12/2016)

Notification No. 148/2016-Customs (N.T.)-Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver...

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Customs Rate of exchange of foreign currency WEF 16.12.2016

Notification No. 147/2016-Customs (N.T.) (15/12/2016)

CBEC declares Rate of exchange of conversion of the foreign currency equivalent to Indian rupees with effect from 16th December, 2016...

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Recovery of Drawback claimed, on non realization of export proceeds

Whether Customs duty and Excise duty portion of drawback already claimed by the assessee can be recovered by the Department consequent to the non-realization of export proceeds?...

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CBEC reduces import duty on wheat from 10 per cent to Nil

Notification No. 60/2016-Customs (08/12/2016)

CBEC reduces import duty on wheat from 10% to Nil without an end date vide Notification No. 60/2016-Customs dated 8th December, 2016...

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Govt not imposed higher import duty on Silk import

Representations were received from the Confederation of Indian Textile Industry (CITI) and from the Federation of India Art Silk Weaving Industry (FIASWI), inter alia, to increase customs duty on import of fabrics, in general, from 10% to 20%....

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Measures to Impose higher import duty on steel imports

(a) whether the Government has received any representation seeking imposition of higher import duty on steel imports; (b) if so, the details thereof and the reasons therefor; and (c) the action taken by the Government thereon?...

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Customs: Relaxation in Outsourcing by an authorized Courier-reg.

Circular No. 59/2016-Customs (02/12/2016)

Board has decided that for functions namely pick-up or local delivery of export/imported courier packages/shipments, transportation for officials and housekeeping activities permission will not be required. ...

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Roll out of ECCS at Courier Terminal, Sahar, Mumbai-reg.

Circular No. 58/2016-Customs (02/12/2016)

Express Cargo Clearance System ECCS is an Automation Program developed on PPP model by Express Industry Council of India (EICI). ...

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Customs Rate of exchange of foreign currency WEF 02.12.2016

Notification No.145/2016-Customs (N.T.) (01/12/2016)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.138/2016-CUSTOMS (N.T.), dated 17th November, 2016, except as respects things done or omitted to be done before such supersession...

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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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