Custom Duty - Page 3

Customs Valuation (Determination of Value of Imported Goods) Amendment Rules, 2017

Notification No. 91/2017- Customs (N.T.) (26/09/2017)

In exercise of the powers conferred by section 156 read with section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following rules to amend the Customs Valuation (Determination of Value of Imported Goods) Rules 2007, namely...

Read More

GST: CBEC announces new Duty drawback rates

After 30th September 2017, drawback will be admissible only at lower rate determined on the basis of the custom duties paid on the goods imported for supplying goods for export....

Read More
Posted Under: Custom Duty |

Initiatives Under Ease of Doing Business at Chennai Port as on 07.09.2017

At Chennai Port Trust manual form-13 has been dispensed. Both Terminals (CCTPL & CITPL) are issuing e-form 13 only. The CFS gate module in ICES system is not yet completed. Hence the processing & transfer of export related details from CFS to Terminal gates cannot be done electronically....

Read More
Posted Under: Custom Duty |

Important changes in Duty Drawback Rules and AIR Schedule notification

Circular No. 38/2017-Customs (22/09/2017)

Definition of Drawback has been amended to provide for drawback of Customs and Central Excise duties excluding integrated tax leviable under sub-section (7) and compensation cess leviable under sub-section (9) respectively of section 3 of the Customs Tariff Act, 1975 chargeable on any imported materials or excisable materials used in the ...

Read More

New Export Procedure with effect from 01.10.2017

CBEC Board has laid down simplified procedure for stuffing and self- sealing of export goods in containers. By prescribing this procedure, the CBEC Board has done away with the sealing of containers of export goods by the departmental officers....

Read More
Posted Under: Custom Duty |

Rate of exchange of conversion of foreign currency WEF 22.09.2017

Notification No. 90/2017 - Customs (N.T.) (21/09/2017)

Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017- Notification No. 90/2017 - Customs (N.T.) dated: 21th September, 2017...

Read More

All Industry Rates of Duty Drawback Schedule WEF 01.10.2017

Notification No. 89/2017-Customs (N.T.) (21/09/2017)

(1) The tariff items and descriptions of goods in the said Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) at the four-digit level only. The descriptions of goods given at the six digit or eight digit or modified six or eight digits in the said Schedul...

Read More

Customs and Central Excise Duties Drawback Rules, 2017

Notification No. 88/2017-Customs (N.T.) (21/09/2017)

Short title, extent and commencement.- (1) These rules may be called the Customs and Central Excise Duties Drawback Rules, 2017. (2) They extend to the whole of India. (3) They shall come into force on the 1st day of October, 2017. ...

Read More

Mandatory self-sealing and use of RFID container seals deferred to 01.11.2017

Circular No. 37/2017-Customs (20/09/2017)

Considering the difficulties expressed by trade associations in locating vendors of RFID seals, the Board has decided that the date for mandatory self-sealing and use of RFID container seals is deferred to 1st November, 2017. The existing practice may continue till such time. It is also provided that exporters are free to voluntarily adop...

Read More

Benefits of Authorized economic operator certificate

AEO is facilitation scheme i.e. holder of this certificate is entitled for certain privilege, benefits and exemption on account of import and export, In India, AEO certification is Three-Tier AEO (T1, T2, T3). This three tier certification is launched by Indian Customs Circular No. 33/2016 dated 22th July, 2016...

Read More
Posted Under: Custom Duty |
Page 3 of 66412345...102030...Last »

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.