Custom Duty - Page 2

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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Prosecution for offences punishable under Customs Act, 1962

Circular No. 07/2017-Customs (06/03/2017)

Reportedly, one of the factors leading to delays in launching of prosecution is lack of clarity regarding the role of Directorate General of Revenue Intelligence (DGRI) vis-а-vis Customs field formations as to who should submit the investigation report and who should launch prosecution....

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Classification of Selfie Sticks with or without Bluetooth

Instruction no. 02/2017-Customs (06/03/2017)

The Conference of Chief Commissioners of Customs and Director Generals (03 January, 2017, New Delhi) on Customs Tariff and Allied Matters had deliberated the classification of Selfie Stick with Bluetooth. It was decided that the classification of the said item would be examined in the Board. ...

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Notification No. 20/2017- Customs (N.T.), Dated: 03.03.2017

Notification No. 20/2017-Customs (N.T.) (03/03/2017)

Customs - Notification No. 20/2017 [Cus (NT)] 3-3-2017 Appointment of Commissioner of Customs...

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CBEC amends Notification No. 384/86-Customs dated 23.07.1986

Notification No. 19/2017-Customs (N .T.) (03/03/2017)

CBEC hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No.384/86-Customs, dated the 23rd July, 1986, published vide number G.S.R.954(E), dated the 23rd July, 1986 namely:-...

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CBEC amends Notification No. 31/97-Customs, dated 7th July, 1997

Notification No. 18/2017-Customs (N .T.) (03/03/2017)

CBEC hereby makes following amendments in notification of Government of India, Ministry of Finance (Department of Revenue) No.31/97-Customs, dated the 7th July, 1997, published vide number G.S.R.367(E), dated the 7th July, 1997 namely:-...

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Notification No. 17/2017-Customs (N.T.), Dated: 03.03.2017

Notification No. 17/2017-Customs (N.T.) (03/03/2017)

S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints officer mentioned in column 5 of the Table below to exercise the powers and discharge duties conferred or imposed on officers ment...

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Courier Imports and Exports (Clearance) Amendment Regulations, 2017

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

1. (1) These regulations may be called the Courier Imports and Exports (Clearance) Amendment Regulations, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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CBEC amends Notification No. 62/94 Customs (N.T), dated 21.11.1994

Notification No. 15/2017-Customs (N.T.) (02/03/2017)

CBEC, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 62/94 –Customs (N.T), dated the 21stNovember, 1994, published in the Gazette of India, Extraordinary, vide number S.O. 829 (E), dated the 21stNovember, 1994, namely:-...

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Rate of exchange of conversion of foreign currency WEF 03.03.2017

Notification No.14/2017-Customs (N.T.) (02/03/2017)

Central Board of Excise and Customs hereby determines rate of exchange of conversion of each of foreign currencies WEF 3rd March, 2017....

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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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