Custom Duty - Page 20

Rate of exchange of conversion of foreign currency WEF 02.09.2016

Notification No. 121/2016-Customs (N.T.) (15/09/2016)

CBEC determines rate of exchange of conversion of each of the foreign currencies, into Indian currency or vice versa, with effect from 16th September, 2016,...

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Notification No. 120/2016-Customs (N.T.) Dated-15.09.2016

Notification No. 120/2016-Customs (N.T.) (15/09/2016)

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 120/2016-Customs (N.T.) New Delhi, 15th September, 2016 S.O.2945 (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Custom...

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Indirect Tax collections upto August 2016 shows 27.5% increase

The figures for indirect tax collections (Central Excise, Service Tax and Customs) upto August 2016 show that net revenue collections are at Rs 3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for Financial Year 2016-17 ha...

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Reg. Rules of Origin under Free/Preferential Trade Agreements

Instruction no. 31/2016-Customs (12/09/2016)

India has signed Free/Preferential Trade Agreements / Comprehensive Economic Partnership/ Cooperation Agreement (FTA/CEPA/CECA) with a number of countries and trading blocks....

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Notification No. 48/2016-Customs, Dated: September 08, 2016

Notification No. 48/2016-Customs (08/09/2016)

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS NEW DELHI Notification No. 48/2016-Customs Dated: September 08, 2016 G.S.R. 873(E) In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is n...

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Taxation Laws (Amendment) Act, 2016

Notification No. 47 of 2016 (08/09/2016)

For the purposes of this clause, the reconstruction or splitting up of a company, which ceased to be a public sector company as a result of transfer of its shares by the Central Government, into separate companies, shall be deemed to be a demerger, if such reconstruction or splitting up has been made to give effect to any condition attach...

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Delay in issuing of Sub Manifest Transshipment Permit (SMTP) -reg.

F.No.450/25/2009-Cus-IV (07/09/2016)

Recently, Niti Aayog while examining the inter-ministerial issues relating to Port Eco System Efficiency Parameters has recommended that Customs will issue SMTP for transfer of cargo destined to ICDs by rail without waiting for full discharge of the vessel....

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Entry of factory stuffed export containers into port terminals prior to LEO-reg.

F No. 450/25/2009-CusIV (07/09/2016)

Recently, Niti Aayog while examining the inter-ministerial issues relating to Port Eco-System efficiency parameters has recommended that all manufacturing firms should he allowed Direct Port entry (DPE) for which necessary orders will be issued by CBEC. 'Terminals / Port should provide requisite facilities tor processing of export documen...

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Anti-dumping duty on imports of Para Nitroaniline

Notification No. 49/2016-Customs (ADD) (07/09/2016)

49/2016-Cus (ADD), dt. 07-09-2016 - Seeks to extend the levy of anti-dumping duty on imports of Para Nitroaniline, originating in, or exported from Peoples Republic of China, (imposed vide notification No. 88/2011-Customs, dated 9th September, 2011) for a period of one year i.e. upto and inclusive of the 8th September, 2017....

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Training Plan for FSSAI Authorised Officers

F.No.450/101/2016-Cus-IV (06/09/2016)

With reference to FSSAI order No. 1-1371/FSSAI/Imports/2015 dated 29th March 2016 delegating authority to Customs Officers to perform the functions of an ‘Authorised Officer’ under food safety laws, CBEC has issued instructions vides F.No.450/146/2015-Cus-IV dated 31st August 2016 wherein respective Commissioners of Customs have been ...

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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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