Custom Duty - Page 20

Govt rescinds notification No. 8/2017 Customs (ADD) dated 15.03.2017

Notification No. 18/2018-Customs (ADD) (06/04/2018)

Central Government had notified the provisional assessment of all exports of the subject goods made by the M/s. Guangxi Quinzhou Capital Success Chemical Co. Ltd. (producer or exporter) till the completion of the review, vide, notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 8/2017– Customs...

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Pass speaking order on re-assessment, within fifteen days: CBIC

Instruction No. 07/2018-Customs (05/03/2018)

Proper officer shall pass a speaking order on the re-assessment, within fifteen days from the date of re-assessment of the bill of entry or the shipping bill, as the case may be.'...

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Govt Bans import of Oxytocin/API in any form

F.No. 394/165/2015-Cus(AS) (05/04/2018)

It has been decided that all bonafide requirements of Oxytocin would be met by indigenous production and accordingly all the imports of Oxytocin/API in any name should be banned with immediate effect....

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Customs Rate of Exchange of Conversion Foreign Currencies wef 06.04.2018 notified

Notification No. 31/2018-Customs (N.T.) (05/04/2018)

Customs Rate of Exchange of Conversion Foreign Currencies wef 06.04.2018 notified vide Notification No. 31/2018-Customs (N.T.) dated: 5th April, 2018...

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Non-levy of additional duty of customs to jute importers from Nepal

Notification No. 30/2018-Customs (N.T) (04/04/2018)

Central Government on being satisfied that there was a general practice of non-levy of additional duty of customs leviable under sub-section (1) of section 3 of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as additional duty), on the Jute products...

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CBIC imposes 10% BCD on Camera Module and Connectors of cellular mobile phones

Notification No. 40/2018-Customs (02/04/2018)

Seeks to further amend notification No. 50/2017-Customs dated 30.06.2017 so as to withdraw exemption from BCD on Camera Module and Connectors of cellular mobile phones and impose 10% BCD on them....

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CBIC imposes BCD on Camera Module & Connectors of cellular mobile phones

Notification No. 39/2018-Customs (02/04/2018)

Seeks to further amend notification No. 25/2005-Customs dated 01.03.2005 so as to withdraw exemption from BCD on Camera Module and Connectors, of cellular mobile phones and impose 10% BCD on them....

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CBIC imposes BCD on PCBA of cellular mobile phones

Notification No. 38/2018-Customs (02/04/2018)

Seeks to further amend notification No. 24/2005-Customs dated 01.03.2005 so as to withdraw exemption from BCD on Printed Circuit Board Assembly (PCBA) of cellular mobile phones and impose 10% BCD on them....

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CBIC imposes 10% BCD on PCBA, Camera Module & Connectors of cellphone

Notification No. 37/2018-Customs (02/04/2018)

Seeks to further amend notification No. 57/2017-Customs dated 30.06.2017 so as to withdraw exemption from BCD on Printed Circuit Board Assembly (PCBA), Camera Module and Connectors, of cellular mobile phones and impose 10% BCD on them....

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CBIC imposes 10% BCD on populated, loaded or stuffed printed circuit boards

Notification No. 36/2018-Customs, (02/04/2018)

Seeks to increase tariff rate of BCD on populated, loaded or stuffed printed circuit boards, falling under tariff item 8517 70 10, of the First Schedule to the Customs Tariff Act, 1975 from Nil to 10%....

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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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