Custom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Custom Duty : Instead of a formal signature, some documents are marked with S/d- (an abbreviation for signed) as a form of attestation. This rai...
Custom Duty : Excessive credit card spending may attract tax notices. Learn how to manage credit card transactions to avoid scrutiny and ensure ...
Custom Duty : Explore the jurisdictional conflicts in recovery proceedings under Customs Act Section 28AAA and FTDR Act, highlighting key issues...
Custom Duty : Comprehensive review of Indian 2024 Budget reforms on Customs & GST, highlighting impacts on manufacturing, exports, and tax admin...
Custom Duty : Discover the key changes in customs and excise duties proposed in the Union Budget 2024-25, including updated rates and legislativ...
Custom Duty : Government seeks suggestions on mandatory qualifiers in import/export declarations for synthetic diamonds to improve identificatio...
Custom Duty : Discover key amendments in Customs duties and tariff rates effective July 2024, including changes in Basic Customs Duty, Health Ce...
Custom Duty : Ministry of Finance unveils reforms in customs duties to support manufacturing, boost exports, and simplify taxation. Includes exe...
Custom Duty : CBI arrests Customs Superintendent at Sahar Airport, Mumbai for accepting Rs 80,000 bribe to clear an imported consignment. Invest...
Custom Duty : Explore the API integration between ICEGATE and IECs/CBs, its impact on document filing efficiency, challenges addressed, and futu...
Custom Duty : CESTAT Bangalore rules Montanide ISA 206 VG is not classifiable as a veterinary vaccine. Penalty on Bharat Biotech under Customs A...
Custom Duty : CESTAT rules that supervision and efficiency test charges paid to overseas suppliers can't be included in the assessable value for...
Custom Duty : Delhi HC reduces pre-deposit requirement for Shubh Impexs appeal in customs duty dispute over imported goods classification....
Custom Duty : CESTAT Delhi held that imposition of penalty and revocation of customs broker license justified as customs broker abetted the ille...
Custom Duty : Rajasthan High Court orders adjudicating authority to reconsider the dual classification of Aerosol Valves under Customs Tariff He...
Custom Duty : The CBIC revises customs tariff values for crude and refined oils, brass scrap, gold, silver, and areca nuts effective August 15, ...
Custom Duty : Chennai Customs introduces ERAM on ICEGATE for automated exchange rate publication, effective from 4th July 2024. Access rates onl...
Custom Duty : Notification 53/2024 updates tariff values for edible oils, brass scrap, gold, silver, and areca nuts. Effective from August 1, 20...
Custom Duty : The Ministry of Finance has updated Customs Notification No. 50/2017 with a 10% BCD on laboratory chemicals. New rules apply from ...
Custom Duty : Learn about the new regulations for amending import documents under Section 149 of the Customs Act, 1962. Understand the timeline,...
Notification No. 11/2012-Customs G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/96-Customs, dated the 23rd July, 1996, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 291(E), dated the 23rd July, 1996, namely:-
Notification No. 10/2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962), the Central Government, being satisfied that it is necessary so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 27/2011-Customs, dated the 1st March,2011,
There is no change in the peak rate of basic customs duty of 10% applicable to nonagricultural goods with few exceptions which are separately discussed. The rates below the peak are also being retained. Notification no. 21/2002-Customs dated 1.3.2002 prescribing the general effective rates is being superceded by Notification No. 12/2012-Customs dated 17.3.2012.
Chapter 1 to 4 -No change. Chapter 5 -5.1 Basic customs duty on artemia classified under tariff item 0511 99 11 is being reduced from 30% to 5%. [S.No. 15 of notification No. 12/2012-Customs dated 17.03.2012 refers]
Amendments carried out through the Finance Bill, 2012 come into effect on the date of its enactment unless otherwise specified in Customs Act, 1962 and in CUSTOMS TARIFF ACT, 1975.
The method of computation of Education Cess and Secondary & Higher Education cess on imported goods is being simplified. Currently, these cesses are first charged on the CVD portion of customs duty and thereafter on the aggregate of customs duties (excluding special CVD). The portion of cesses leviable on the CVD portion of customs duty is being exempted so as to avoid computation of such cesses twice.
Presenting the Union Budget 2012-13 in the LokSabha today, the Union Finance Minister Shri Pranab Mukherjee has proposed to increase the duty-free baggage allowance for eligible passengers of Indian origin from Rs.25,000 to Rs. 35,000 and for children upto 10 years from Rs.12,000 to Rs.15,000. The baggage allowance was last revised in 2004.
Carrying forward the initiatives taken for agriculture and agro-processing sectors, the Government proposed to reduce basic customs duty from 7.5 per cent to 2.5 per cent on sugarcane planter, root or tuber crop harvesting machine and rotary tiller and weeder and parts for the manufacture of these. TheUnion Finance Minister ShriPranab Mukherjee announced this while presenting the Union Budget 2012-13 in Lok Sabha today.
The Finance Minister Shri Pranab Mukherjee has announced full exemption from basic customs duty and a concessional CVD of 1 per cent to Steam coal for a period of two years till March 31, 2014. While presenting the Union Budget 2012-13 in Lok Sabha today Shri Mukherjee also proposed full exemption from basic duty to Natural Gas and Liquified Natural Gas and Uranium concentrate, Sintered Uranium Dioxide in natural and pellet form.
Presenting the Budget in the LokSabha today, the Union Finance Minister Shri Pranab Mukherjee has proposed concessions and exemptions for encouraging the consumption of energy-saving devices, plant and equipment needed for solar thermal projects. The Finance Minister proposed to fully exempt a coating chemical used for compact fluorescent lamps from basic customs duty. Excise duty on LED lamps is also being reduced to 6 per cent.
