Custom Duty - Page 20

Seeks to rescind notification No. 6/2015-Customs dated 01.03.2015

Notification No. 15/2018-Customs (02/02/2018)

Central Government rescinds notification No. 6/2015–Customs, dated 1st March, 2015, published in Gazette vide, number G.S.R. 128(E), dated1st March, 2015, except as respects things done or omitted to be done before such rescission....

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CBEC increases effective rate of BCD on silk fabrics from 10% to 20%

Notification No. 14/2018-Customs (02/02/2018)

Notification No. 14/2018-Customs Seeks to amend notification No. 82/2017-Customs dated the 27th October 2017 to increase the effective rate of BCD on silk fabrics from 10% to 20%...

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Seeks to exempt IGST compensation cess on imported goods from Social Welfare Surcharge

Notification No. 13/2018-Customs (02/02/2018)

Notification No. 13/2018-Customs Seeks to exempt Integrated tax and Goods and Services Tax (IGST) compensation cess on imported goods from the whole of levy of Social Welfare Surcharge...

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Seeks to exempt specified goods from levy of Social Welfare Surcharge in excess of 3%

Notification No. 12/2018-Customs (02/02/2018)

Notification No. 12/2018-Customs -Seeks to exempt specified goods from levy of Social Welfare Surcharge in excess of 3%- Motor spirit commonly known as petrol, High speed diesel (HSD)...

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Seeks to exempt specified goods from whole of levy of Social Welfare Surcharge

Notification No. 11/2018-Customs (02/02/2018)

CBEC exempt specified goods from the whole of levy of Social Welfare Surcharge- All goods falling under the following headings or sub-headings or tariff items- 0207 13 00, 0207 14 00, 0402 21 00,0402 10, 0405 10 00, 0405 90,...

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Seeks to rescind notification No. 28/2007-Customs exempting specified goods from levy of SHE Cess

Notification No. 10/2018-Customs (02/02/2018)

Notification No. 10/2018-Customs Seeks to rescind notification No. 28/2007-Customs dated 01.03.2007 exempting specified goods from the levy of Secondary and Higher Education (SHE) Cess...

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CBEC rescinds notification No. 69/2004-Customs exempting specified goods from levy of Education Cess

Notification No. 9/2018-Customs (02/02/2018)

Notification No. 9/2018-Customs Seeks to rescind notification No. 69/2004-Customs dated 09.07.2004 exempting specified goods from the levy of Education Cess...

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CBEC exempts SHE Cess on all goods in First schedule to Customs Tariff Act, 1975

Notification No. 8/2018- Customs (02/02/2018)

Notification No. 8/2018- Customs Seeks to exempt levy of whole of Secondary and Higher Education (SHE) Cess on all goods in the First schedule to the Customs Tariff Act, 1975...

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CBEC exempts levy of Education Cess on all goods in First schedule to Customs Tariff Act, 1975

Notification No. 7/2018-Customs (02/02/2018)

Notification No. 7/2018-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts all goods specified in the First Schedule to the Customs Tariff Act, 1975 ( 51 of 1975) when imported into India, from whole of Education Cess leviable thereon under section 94 of the said Finance Act....

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CBEC notifies effective rate of BCD as per Union Budget 2018

Notification No. 6/2018-Customs (02/02/2018)

Seeks to further amend notification No. 50/2017- Customs dated the 30th June so as to prescribe effective rate of basic customs duty (BCD) consequent to the changes proposed in the Union Budget 2018-19...

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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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