Custom Duty - Page 641

Export of goods against repayment of state credits and liquidation of debt repayment arrangements – Clarification

Circular No. 71/95-Custom Duty (21/06/1995)

Some representations have been received from the exporters exporting goods to Russia (erstwhile soviet Union) that some Custom Houses are not accepting shipping bills under the DEEC Scheme on the grounds that the shipping bills do not indicate the value of the ...

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Foreign experts-import (baggage) Not exempt from duty

Circular No. 70/95-Custom Duty (20/06/1995)

Customs & Import facilities to experts assigned to India under the various Aid Schemes viz. UN and its Specialised Agencies (Regular) Programme, UNDP, Colombo Plan, India French Programme and other Bilateral Technical Cooperation Agreements with Foreign Countries...

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Circular No. 69/95-Custom Duty Dated 19/6/1995

Circular No. 69/95-Custom Duty (19/06/1995)

Several cases of misuse of DEEC Scheme have been reported to the Board by the Custom Houses/ Collectorates. A gist of the mire important cases of abuse especially where modus operandi adopted could be repeated are indicated below...

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Public/ Private bonded warehouses procedure liberalised

Circular No. 68/95-Custom Duty (15/06/1995)

I am directed to state that a review of the existing policy with regard to appointment of public bonded warehouses and licensing of private bonded warehouses has been conducted by the Board. Consequently, it has been decided to liberalise the procedure on the ...

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New Duty Drawback Rates effective 16.6.95- CBEC Instructions

Circular No. 67/95-Custom Duty (15/06/1995)

The Ministry has announced the new All Industry rates of Drawback effective from 16.6.1995 vide Public Notice No. 5/95, dated 15.6.1995. There are some important changes made in the description of export products, and Notes given thereunder...

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EPCG Scheme- CBEC Instructions on New Policy / Procedure

Circular No. 66/95-Custom Duty (13/06/1995)

Export Promotion Capital Goods (E.P.C.G.) Scheme has undergone certain changes in the revised edition of the Exim Policy published on 30th March, 1995 and the revised edition of Handbook of Procedure, Vol. I published on 30th April, 1995. In order to give effect to the changes, Department has issued notifications No. 108/95-Customs to 11...

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Special VBAL Scheme for RMG – CBEC Instruction

Circular No. 65/95-Custom Duty (13/06/1995)

A Special Value Based Scheme for exporters of ready-made garments was introduced by Ministry of Commerce vide their Notification No. 39 (N-7) /92-97 dated 27th August, 1992. To give effect to this scheme Notification No. 104/ 93-Customs dated 16th March, 1993 was issued. In this connection attention is invited to Circular NO. 6/93 dated 3...

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Export obligation Non-fulfilment – Adjudication not necessary for initiating action

Circular No. 64/95- Custom Duty (12/06/1995)

In a case where export obligation under Duty Exemption Scheme was not fulfilled according to the prescribed procedure and Department had issued show Cause Notices for initiating action against persons importing duty free raw materials under the Duty ...

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Transfer of Residence Form Revision

Circular No. 63/95-Custom Duty (07/06/1995)

The undersigned in directed to say that it has been brought to the notice of the Board that the Transfer of Residence Form binge used in your Collect orate contains a clause that "the goods cleared by the passenger shall not be sold, displayed or advertised or offered for sale until their market price has displayed or advertised or offere...

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Passbook scheme for duty free imports -CBEC Instructions

Circular No. 62/95- Custom Duty (07/06/1995)

In the revised edition of the Exim Policy published on 31st March, 1995, Ministry of Commerce have introduced a new scheme called the Pass Book Scheme vide para 54 of the Policy, The procedure for this Scheme has been provided in para 114. In order to give...

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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.