Custom Duty - Page 2

IGST Export Refunds: Resolution of Export General Manifest errors

Circular No. 01/2019-Customs (02/01/2019)

CBIC Circular No. 01/2019-Customs deals with Errors related IGST Export Refunds and resolves issues in IGST Export Refunds  due to (i) Online filing of both local and Gateway EGM not being done on time by the concerned stakeholders. (ii) Mismatch in local and gateway EGM details wherever both are filed online. and (iii) Non-filing of st...

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Imposition of High Custom Duty on Steel and Aluminium Products

United States has imposed global tariff of 25% and 10% in March, 2018 on certain steel and aluminium products, respectively, under Section 232 of US Trade Expansion Act of 1962. India took up this issue at World Trade Organisation (WTO) as it considers these additional duties to be non-compliant with WTO provisions. ...

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CBIC exempt temporary importation of private road vehicles from IGST & compensation cess

Notification No. 86/2018-Customs (31/12/2018)

Seeks to amend notification no. 296/76 dated 02.08.1976 to exempt temporary importation of private road vehicles from IGST and compensation cess vide  Notification No. 86/2018 – Customs Dated 31st December, 2018. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 86/2018-Customs New Delhi, the 31st Decembe...

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Tariff concessions on import of Moro car gear box & parts from Japan

Notification No. 85/2018– Customs [G.S.R. 1260(E)] (31/12/2018)

Seeks to further amend Notification No. 69/2011-Customs, dated 29th July, 2011 so as to provide a deepen the concessional rate of basic customs duty in respect of tariff item 8708 40 00 [gear box and parts thereof, of specified motor vehicles], w.e.f. 1st of January, 2019, when imported under the India-Japan Comprehensive Economic Partner...

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Tariff concessions on specified goods when imported from Malaysia notified

Notification No. 84/2018-Customs [G.S.R. 1259(E)] (31/12/2018)

Seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2019 vide Notification No. 84/2018 – Customs dated 31st December, 2018. GOVE...

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Tariff concessions on specified goods when imported from Korea RP notified

Notification No. 83/ 2018 - Customs [G.S.R. 1258(E)] (31/12/2018)

Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2019 vide Notification No. 83/2018 – Customs dated 31st December, 2018. GOVERNMENT OF...

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Tariff concessions on specified goods when imported from ASEAN notified

Notification No. 82/2018-Customs [G.S.R. 1257(E)] (31/12/2018)

Seeks to amend notification No. 46/2011-Customs dated 01.06.2011 so as to provide deeper tariff concessions in respect of specified goods when imported from ASEAN under the India-ASEAN Free Trade Agreement w.e.f. 01.01.2019 vide Notification No. 82/2018 - Customs dated 31st December, 2018....

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CBIC defers RFID – Electronic sealing of goods

Circular 54/2018-Customs (31/12/2018)

Electronic Sealing-Deposit in and removal of goods of goods from Customs Bonded Warehouses-deferment of Circular 19/2018-Customs dated 18th June, 2018 Circular 54/2018-Customs F.No.484/03/2015- ILC(Vol-11) Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs ***** North Block, New Del...

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CBIC notifies 8 more Foreign Post Offices for clearance of Import / Export Goods

Notification No. 103/2018-Customs (N.T.) / S.O. 6432(E) (31/12/2018)

CBIC notifies 8 more foreign post offices for the purposes of clearance of imported goods or export goods vide Notification No. 103/2018-Customs (N.T.) dated 31st December, 2018....

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Notification Fixing Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold & Sliver wef 31.12.2018

Notification No. 102/2018-CUSTOMS (N.T.) (31/12/2018)

Tariff Notification No. 102/2018-CUSTOMS (N.T.) dated: 31st December, 2018 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 102/2018-CUSTOMS (N.T.) New ...

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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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