Custom Duty - Page 30

Customs Rate of Exchange of Foreign Currency Conversion wef 17.08.2018

Notification No.74/2018-Customs (N.T.) (16/08/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 17.08.2018 notified vide Notification No. 74/2018 – Customs (N.T.) dated 16th August, 2018...

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Customs (Finalisation of Provisional Assessment) Regulations, 2018

Notification No. 73/2018-Customs (N.T.) (14/08/2018)

CBIC notifies vide Notification No. 73/2018-Customs (N.T.) dated 14th August, 2018 Customs (Finalisation of Provisional Assessment) Regulations, 2018...

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Exchange Rates Notification No. 72/2018-Custom(N.T.) Dated 14.08.2018

Notification No. 72/2018-Customs (N.T.) (14/08/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 15.08.2018 notified vide Notification No. 72/2018 – Customs (N.T.) dated 14th August, 2018...

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Tariff Notification No. 71/2018-Customs (N.T.) dated 14th August, 2018

Notification No. 71/2018-Customs (N.T.) (14/08/2018)

Tariff Notification No. 71/2018-CUSTOMS (N.T.) dated 14th August, 2018 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg...

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Clarification regarding bank guarantee requirement for bond executed by EOUs

Circular No. 27/2018-Customs (14/08/2018)

Various representations have been received regarding difficulties faced by EOUs with respect to requirements of bank guarantees in view of Circular no. 48/2017-Customs dated 08.12.2017 issued by CBIC. The matter has been examined....

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Benefit of Exemption Notification- Reference Answered by Supreme Court

What is the interpretative rule to be applied while interpreting a tax exemption reportable provision/notification when there is an ambiguity as to its applicability with reference to the entitlement of the assessee or the rate of tax to be applied?...

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Safeguard duty on Solar cells whether or not assembled in modules or panels

Instruction No. 12/2018-Customs (13/08/2018)

Vide notification No. 1/2018-Customs (SG), dated the 30th July, 2018, safeguard duty has been imposed on Solar cells whether or not assembled in modules or panels falling under sub­heading 8541 or tariff item 8541 40 11 of the Customs Tariff Act, 1975 at specified rates for a period of two years....

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Notification No. 15/2018-Customs (N.T./CAA/DRI), Dated: 10.08.2018

Notification No. 15/2018-Customs (N.T./CAA/DRI) (10/08/2018)

Notification No. 15/2018-Customs (N.T./CAA/DRI) Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respect of notic...

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Notification No. 14/2018-Customs (N.T./CAA/DRI), Dated: 10.08.2018

Notification No. 14/2018-Customs (N.T./CAA/DRI) (10/08/2018)

Notification No. 14/2018-Customs (N.T./CAA/DRI) Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respect of noti...

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Simplification & rationalization of processing of AEO-T1 application

Circular No. 26/2018-Customs (10/08/2018)

Reference is drawn to the Circular 33/2016- Customs dated 22.7.2016 as amended. The Indian AEO Programme is governed by this circular. Multiple suggestions have been received from various field formations, wherein it has been emphasised that the compliance requirements for AEO T1 are not commensurate with the benefits allowed to AEO T1 en...

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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.