Custom Duty - Page 4

Cabinet approves Agreement between India and Tajikistan on Cooperation and Mutual Assistance in Customs Matters

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing and ratifying, an Agreement between India and Tajikistan on Cooperation and Mutual Assistance in Customs Matters....

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Anti-dumping duty, on imports of Aluminium Foil from China

Notification No. 23/2017-Customs (ADD) (16/05/2017)

Seeks to levy definitive anti-dumping duty, on imports of Aluminium Foil originating in or exported from China PR vide Notification No. 23/2017-Customs (ADD) dated 16.05.2017 ...

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Increase in anti-dumping duty on imports of Polytetraflouroethylene

Notification No. 22/2017-Customs (ADD) (16/05/2017)

In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendmen...

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Anti-dumping duty on import of Amoxycillin

Notification No. 21/2017-Customs (ADD) (16/05/2017)

Seeks to levy definitive anti-dumping duty on import of Amoxycillin originating in or exported from China PR for a period of five years (unless revoked, superseded or amended earlier) in pursuance of final findings of the Directorate General of Anti-Dumping and Allied Duties....

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Notification No. 20/2017-Customs Dated: 16th May, 2017

Notification No. 20/2017-Customs (16/05/2017)

Seeks to amend notification no. 12/2012-customs dated 17.03.2012 extending the time period for furnishing the final Mega power project certificate from 60 months to 120 months and extending the period of validity of security in the form of Fixed Deposit Receipt or Bank Guarantee from 66 months to 126 months, in case of provisional mega po...

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Expanded schedule of tariff preferences under India-Chile PTA)

Notification No. 19/2017-Customs (16/05/2017)

Seeks to amend Notification No. 101/2007 – Customs dated 11th September 2007 so as to notify the expanded schedule of tariff preferences under the India-Chile Preferential Trade Agreement (PTA)....

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Notification No. 48/2017 – Customs (N.T.) Dated: 16.05.2017

Notification No. 48/2017 - Customs (N.T.) (16/05/2017)

Seeks to amend the Customs notification No. 84/2007-Customs (N.T.) dated 17th August, 2007 to give effect to the amendments to Rules of Origin of India-Chile PTA...

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Notification No. 47/2017-Customs (N.T.) Dated: 15.05.2017

Notification No. 47/2017-Customs (N.T.) (15/05/2017)

S.O. ... (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 & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Dep...

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Redemption fine of 10% & penalty of 5% of value of goods is sufficient punishment to importer

Sai International Vs Shri S.S Garg (CESTAT Bangalore)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Issue of imposition of redemption fine and penalty has been settled and now various Benches of the Tribunal have consistently held that the redemption fine of 10% of the value of the goods and penalty of 5% of […]...

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Anti-dumping duty on imports of Aluminium Radiators

Notification No. 20/2017-Customs (ADD) (12/05/2017)

Seeks to impose definitive anti-dumping duty on imports of Aluminium Radiators, Aluminium Radiator Sub-Assemblies and Aluminium Radiator Core, originating in, or exported from, China PR ...

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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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