Custom Duty - Page 4

Continue to be EOU & STPI (Exit is Costlier)

Government is giving focus on EOU Scheme and therefore EOU Scheme has been liberalized. There is no requirement of warehousing and also procedural matter has been simplified. Domestic procurement for EOU is kept at par with domestic unit and EOU units are allowed to import duty free by following the procedure under Import of Concessional ...

Read More
Posted Under: Custom Duty |

Customs Rate of Exchange of Foreign Currency wef 21.12.2018

Notification No. 99/2018-Customs (N.T.) (20/12/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 21.12.2018 notified vide Notification No. 99/2018 – Customs (N.T.) dated 20th December, 2018....

Read More

CBIC exempts BCD and IGST for imports by NTRO

Notification No. 81/2018–Customs (17/12/2018)

CBIC partially amends notification No. 37/2017-Customs dated 30.06.2017 in order to exempt BCD and IGST for imports by NTRO. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 81/2018–Customs New Delhi, the 17th December, 2018 G.S.R. 1214(E).– In exercise of the powers conferred by sub-section (1) of ...

Read More

Increased customs duty on specified imports postponed to 31.01.2019

Notification No. 80/2018-Customs (15/12/2018)

 CBIC Seeks to further postpone the implementation of increased customs duty on specified imports originating in USA from 17th December, 2018 to 31st January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 80/2018-Customs New Delhi, the 15th December, 2018 G.S.R. 1212(E).- In exercise of the power...

Read More

CBIC to notify WON and TRY in list of currencies for exchange rate

Under section 14 of the Customs Act, 1962, Central Board of Indirect Taxes and Customs (CBIC) notifies the rate of exchange for the purpose of conversion of foreign exchange to Indian Rupees and vice versa for assessment of imports & exports....

Read More
Posted Under: Custom Duty |

Custom Tariff Notification No. 98/2018, Dated: 14.12.2018

Notification No. 98/2018-CUSTOMS (N.T.) [S.O. 6189(E)] (14/12/2018)

Notification No. 98/2018-CUSTOMS (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India...

Read More

Online exam under Customs Brokers Licensing Regulations from Year 2019

Instruction No. 21/2018-Customs (14/12/2018)

CBIC has decided that the written examination under regulation 6 of the Customs Brokers Licensing Regulations, 2018 will be held online from the year 2019 onwards. The online examination will be conducted by National Academy of Customs, Indirect Taxes and Narcotics (NACIN)....

Read More

Anti-dumping duty on Uncoated Copier Paper from Indonesia, Thailand & Singapore

Notification No. 57/2018-Customs (13/12/2018)

Seeks to levy definitive anti-dumping duty on the imports of  Uncoated Copier Paper  originating in or exported from Indonesia, Thailand and Singapore vide Notification No. 57/2018-Customs (ADD). MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 13th December, 2018 Notification No. 57/2018-Customs (ADD) G.S.R. 1203(E).—Wherea...

Read More

Revision of AIR of Duty Drawback wef 19.12.2018- Things to know

Circular No. 52/2018-Customs (12/12/2018)

For claiming these AIRs, the relevant tariff item have to be suffixed with suffix ‘B’ e.g. for export of goods covered under tariff item (TI) 640609, the drawback serial no. should be declared as 640609B. Alternative AIRs specified on garments exports made against the Special Advance Authorization (para 4.04A of Foreign Trade Policy 2...

Read More

Manual filing & processing of AEO T1 applications up to 31.03.2019

Circular No. 51/2018- Customs (07/12/2018)

For ensuring seamless transition to the online web-application, it has been decided to concurrently continue with the manual filing and processing of AEO T1 applications up to 31.03.2019....

Read More

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.

Featured Posts