Custom Duty - Page 30

Setting up of CCFC for Land Customs Stations & Inland Container Depots- reg.

Circular No. 44/2016–Customs (22/09/2016)

With a view to have similar administrative arrangements for facilitation of trade in the Land Customs Stations, CCFCs shall be set up in the following Commissionerates having jurisdiction over the various Land Customs Stations,-...

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DRI busts racket involved in smuggling of around 7000 kg. gold

Directorate of Revenue Intelligence (DRI) busts a major gold smuggling racket involving smuggling of around 7000 Kilograms of gold worth more than Rs. 2000 crore in last two and half years;...

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Posted Under: Custom Duty |

Custom Duty increase on Marble/ Travertine blocks, Marble / Granite slabs

Notification No. 49/2016-Customs (16/09/2016)

Seeks to further amend notification No.12/2012-Customs, dated 17.03.2012 so as to increase the effective rate of Basic Customs Duty for Marble and Travertine blocks, Marble slabs and Granite slabs with effect from 01.10.2016...

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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)

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. 120/2016-Customs (N.T.) New Delhi, 15th September, 2016 S.O.2945 (E).– In exercise of the powers conferred by sub-se...

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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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Posted Under: Custom Duty |

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)

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 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) o...

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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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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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