Custom Duty - Page 4

Notification No. 10/2017-Customs (N.T.) dated 08.02.2017

Notification No. 10/2017-Customs (N.T.) (08/02/2017)

Central Board of Excise and Customs hereby invests in the officers specified in column (1) of the Table below, the powers of the Customs Officer of the rank specified in column (2) of the said Table, ...

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Anti-dumping duty on Cold Rolled Flat Products of alloy or non-alloy steel

Notification No. 6/2017-Customs (ADD) (07/02/2017)

Seeks to extend the levy of anti-dumping duty, imposed on Cold Rolled Flat Products of alloy or non-alloy steel originating in or exported from China PR, Japan, Korea RP and Ukraine...

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Anti-dumping duty on Hot Rolled products of alloy or non-alloy steel

Notification No. 5/2017-Customs (ADD) (07/02/2017)

Seeks to extend levy of anti-dumping duty, imposed on Hot Rolled products of alloy or non-alloy steel originating in or exported from China PR, Japan, Korea RP, Russia, Brazil and Indonesia....

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Measures to Protect & Promote Domestic Steel Industry Against Cheap Steel Imports

The Ministry of Steel has brought cold reduced low carbon sheets and strips and cold rolled strips under the quality control order vide order dated 18th December 2015....

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Posted Under: Custom Duty |

Budget 2017: Amendment in Section 46, 47 & 27 of Customs Act

D.O.F. No.450/10/2017-CusIV (03/02/2017)

Sub-section (3) of section 46 is being substituted so as to make it mandatory to file a Bill of Entry before the end of the next day following the day (excluding holidays) on which the vessel or aircraft or vehicle carrying the goods arrives at a customs station at which such goods are to be cleared for home consumption or warehousing and...

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Rate of exchange of conversion of foreign currency WEF 03.02.2017

Notification No. 09/2017-Customs (N.T.) (02/02/2017)

Central Board of Excise and Customs hereby determines rate of exchange of conversion of each of foreign currencies with effect from 03rd February, 2017....

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Union Budget 2017- Highlights of Custom Duty Proposals

Definition of following terms is proposed to be incorporated in section 2 of the Customs Act, 1962: Beneficial owner, Passenger Name Record Information, Foreign Post Office and International Courier Terminal...

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Posted Under: Custom Duty |

Custom Duty Notification to carry out Budgetary changes

Notification No. 6/2017-Customs (02/02/2017)

where the goods so imported are sought to be disposed of, the importer or the transferee, as the case may be, may pay the duty of customs which would have been payable but for the exemption contained herein, on the depreciated value of such goods subject to the condition that the importer or the transferee, as the case may be, produces b...

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Notification reducing custom duty on certain machinery

Notification No. 5/2017–Customs (02/02/2017)

the importer furnishes an undertaking to the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, that such imported items shall be used for the purposes as specified above and, if the importer fails to comply with this condition, he shall be liable to pay, in respect of such items as is not proved ...

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SAD exemption on Catalyst for use in manufacture of cast components of WOEG

Notification No. 4/2017-Customs (02/02/2017)

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 necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Rev...

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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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