Custom Duty - Page 3

Customs Rate of foreign currency exchange WEF 2nd June, 2017

Notification No. 52/2017-Customs (N.T.) (01/06/2017)

CBEC determines rate of exchange of foreign currencies into Indian currency or vice versa, with effect from 2nd June, 2017, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods....

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Notification No. 51/2017-Customs (N.T.) Dated 31st May, 2017

Notification No. 51/2017-Customs (N.T.) (31/05/2017)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 51/2017-Customs (N.T.) New Delhi, 31st May, 2017 S.O. … (E).– In exercise of the powers conferred by sub-section (...

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Notification No. 22/2017-Customs Dated: 31st May, 2017

Notification No. 22/2017-Customs (31/05/2017)

The following categories of exports made from 1st April, 2005 to 19th February, 2006 shall not be counted for calculation of export performance or for computation of entitlement under the scheme -(i) export of imported goods covered under para 2.35 of the Foreign Trade Policy or exports made through transshipment;...

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Facility for Online Generation of Rotation Number by Shipping Lines/ Agents – reg.

Circular No. 20/2017-Customs (31/05/2017)

The present system for allotment of 'Rotation Number' for vessels has been reviewed. Under the present process for the allotment of 'Rotation Number' for a vessel that calls on a port, the concerned Shipping Line or Shipping Agent (SL/SA) must file an application with the designated section in the Custom House, along with the desired part...

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Disposal of Departmental Inquiries pending beyond 6 months -reg.

D.O.F.No. V.500/226/2017 (31/05/2017)

I would like to bring to your notice that as many as 296 cases of disciplinary proceedings are pending in the Zones across India where the Inquiry Officers have not submitted the Inquiry Reports. ...

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Exemption from drawal of samples to grant drawback to AEO certificate holders

Circular No. 18/2017-Customs (29/05/2017)

It has been decided to extend the exemption from the requirements of drawal of samples for the purpose of grant of drawback to Authorized Economic Operator (AEO) holding Tier-I certificate, except in case of any specific information or intelligence....

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CBI Arrests central Excise official in Gold Theft case

CBI Arrests a Superintendent of central Excise in an on-going Investigation of a Case Relating to Theft of Gold from Custom's Godown at IGI Airport...

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Posted Under: Custom Duty |

CBEC notifes Valmikinagar in West Champaran, Bihar as a Land Customs Station

Notification No. 50/2017-Customs (NT) (24/05/2017)

Amendment to notification 63/94-Customs (N.T), dated 21.11.1994 so as to notify Valmikinagar in West Champaran District, Bihar as a Land Customs Station....

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Notification No. 21/2017-Customs, Dated: 22.05.2017

Notification No. 21/2017-Customs (22/05/2017)

Whereas the notification no. 09/2012-Cus dated the 9th March, 2012 of the Government of India, Ministry of Finance, Department of Revenue did not allow benefit of duty free import of cut and polished diamonds exported abroad for certification and grading, by authorised offices/ agencies in India of laboratories mentioned under para 4.74 o...

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Customs Rate of foreign currency exchange WEF 19th May, 2017

Notification No. 49/2017-Customs (N.T.) (18/05/2017)

Indian currency or vice versa, shall, with effect from 19th May, 2017, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods....

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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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