Custom Duty - Page 20

Procedure for nominated agencies to import gold/ silver/ platinum against Export

Circular No. 23/2018-Customs (23/07/2018)

Circular No. 23/2018-Customs Dated: 23rd July, 2018- Procedure to be followed by nominated agencies importing gold/ silver/ platinum under the scheme for ‘Export Against Supply by Nominated Agencies’-reg. F.No. DGEP/G&J/22/2018 DIRECTORATE GENERAL OF EXPORT PROMOTION Ministry of Finance, Deptt. of Revenue 8th Floor, Tower-2, LIC, ...

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Notification No. 54/2018-Customs Dated 20.07.2018

Notification No. 54/2018-Customs [G.S.R. 667 (E)] (20/07/2018)

Notification No. 54/2018-Customs -Central Government, hereby makes the following further amendment in notification of No. 50/2017, dated 30th of June, 2017...

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Customs Rate of Exchange of Foreign Currency Conversion wef 20.07.2018

Notification No. 63/2018 - Customs (N.T.) (19/07/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 20.07.2018 notified vide Notification No. 63/2018 - Customs (N.T.) dated the 19th July, 2018...

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IGST refund: Rectification facility to shipping bills filed upto 30.06.2018

Circular No. 22/2018-Customs (18/07/2018)

Refund of IGST on export of goods on payment of duty-Clarification in case of SB003 errors and extension of date in SB005 & other cases using officer Interface for rectification of errors vide Circular No. 22/2018-Customs dated 18th July, 2018...

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IGST refund related issues: CBIC set-up help desks

Circular 21/2018-Customs (18/07/2018)

CBIC decided to set up Help Desks at the offices of FIEO and AEPC for expeditious resolution of IGST refund related issues vide Circular 21/2018-Customs dated 18th July 2018....

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CBIC Notifies Change in BCD on Certain Textile Goods

Notification No. 53/2018-Customs [G.S.R. 651 (E)] (16/07/2018)

CBIC notifies changes in BCD on Certain Textile Goods vide Notification No.53/2018-Customs dated 16th of July, 2018. Vide notification CBIC amended duty rates on certain textile goods....

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Madras HC on Invocation of Section 111(m) of Customs Act

M/s. Priyanka Enterprises Vs The Joint Commissioner of Customs (Madras High Court)

High Court held that Section 111(m) of Customs Act can only be invoked if goods do not correspond in respect of value or any other particular with the Entry made under the Act...

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CBIC expand list of items exempt from custom duty for Handicraft Sector

Notification No. 52/2018-Customs [G.S.R. 648 (E)] (14/07/2018)

G.S.R................. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following fur...

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CBIC rescinds notification No. 36/2012- Customs (ADD) dated 16.07.2012

Notification No. 37/2018-Customs (ADD) [G.S.R. 646 (E)] (13/07/2018)

CBIC rescinds notification No. 36/2012- Customs (ADD) dated the 16th, July 2012 by which it imposed definitive anti-dumping duty on the imports of ‘Grinding media Balls’ (excluding Forged Grinding Media Balls), originating in, or exported from Thailand and China PR, as it has now issued a new Notification No. 36/2018-Customs (...

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Anti-dumping duty on imports of Grinding Media Balls

Notification No. 36/2018-Customs (ADD) [G.S.R. 645 (E)] (13/07/2018)

Notification No. 36/2018-Customs (ADD) Seeks to impose anti-dumping duty on the imports of Grinding Media Balls (excluding Forged Grinding Media Balls) originating in or exported from China PR and Thailand....

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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.