Custom Duty - Page 636

Consumer/Commercial goods bought in India in FOREX – Export baggage allowed as

Circular No. 17/95-Custom Duty (01/03/1995)

The undersigned is directed by say that in terms of para 129 of the Exim Policy (1992-97), bonafide personal baggage of a passenger ins permitted to be exported as accompanied or unaccompanied baggage. Instances have, however, been brought to the notice or the Board where passengers, especially passengers leaving for CIS countries, Pakist...

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Circular No. 16/95 Custom Duty Dated 24/2/1995

Circular No. 16/95 Custom Duty (24/02/1995)

A case has been brought to the notice of the Board wherein a unit in an EPZ had imported more or less full assembled articles and after some minor processing had exported some of the articles but had also cleared a substantial quantity into the DTA in accordance with the EXIM Policy. A question had been raised whether the benefit of 50% d...

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Horticulture etc. 100% EOUs – Exemption from Customs Supervision

Circular No. 15/95-Custom Duty (23/02/1995)

A reference is invited to the provisions of the Scheme of exemption for 100% EOUs in terms of Notification No. 13/81-Customs dated 9.2.1981 which provides for grant of exemption to the 100% EOUs, inter alia, subject to the condition that the manufacturing operations are carried out under customs bond. Subsequently the Ministry has notifie...

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Circular No. 14/95-Custom Duty Dated 22/2/1995

Circular No. 14/95-Custom Duty (22/02/1995)

I am directed to draw your attention to the recommendation of the Committee on Indirect Taxes (Rekhi Committee) the "Watch Dog Panels" comprising of officers of the Customs Houses, Trade representatives and Clearing Agents Should be set up in all Customs ...

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DEEC Scheme Telegraphic Release Advise

Circular No. 12/95-Custom Duty (20/02/1995)

I am directed to say that in the course of his recent visits to some of the Customs Houses Member (EP & Cus) had noticed Telegraphic Release Advance (TRAs) are being issued by the Licencing Section of the Customs Houses, without any reference to ...

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EOUs / EPZ Units – Inter-Unit Transfer

Circular No. 13/95-Custom Duty (15/02/1995)

As you are aware aware the Scheme of 100% EOUs / EPZs envisages the transfer of goods imported or manufactured by a Unit from one Unit to another. Such transfer may be for purpose of use of the goods within the transferee unit or its export or further manufacture. While, this facility has been available since sometime, the purpose of such...

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Advance Licence – Nexus between export product and imported input to continue to be established

Circular No. 11/95-Custom Duty (15/02/1995)

Your attention is drawn to the Ministry's Circular No. 34/94 dated 12/12/94 emphasising the need for nexus between import items and inputs used in the export goods and the reference made therein in DGFT's ALC Circular No. 17/94 dated 8.11.94 DGFT have ...

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Circular No. 10/95-Custom Duty Dated 2/2/1995

Circular No. 10/95-Custom Duty (02/02/1995)

The undersigned is directed to say that a doubt has been raised regarding para 2(e) of the "Guidelines for Baggage Clearance", circulated vide Board's letter of even number dated 1.11.94, wherein, it is explained that the Indian Citizens or foreign national residing abroad for more than two years and who are transferring their residence t...

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CBEC Classificatory Circulars on Customs – New series introduced

Circular No. 9/95-Custom Duty (31/01/1995)

It has been brought to the notice of the Board that many a times the instructions / clarification issued by the Board are not received by the field formations. A suggestion has been received that in case the instructions/ clarifications are issued under a running ...

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Circular No. 7/95-Custom Duty Dated 24/1/1995

Circular No. 7/95-Custom Duty (24/01/1995)

I am directed to enclose herewith a compilation of instructions issued by Central Board of Excise & Customs on Duty Drawback Scheme. These instructions, as on 30th October, 1994, have been compiled in the from of a Book for use of field formations as well as the exporting community...

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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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