17/06/2013
India offers to slash import duty on wines, spirits to 40%
In a make-or-break scenario for signing of the free trade agreement (FTA) with the European Union, India has offered to drastically cut Customs duties on wines and spirits to 40 per cent from the current 150 per cent.The offer - made by Commerce and Industry Minister Anand Sharma to EU trade commissioner Karel de Gucht on the sidelines of the Organisation for Economic Co-operation and Development summit in Paris recently - was huge, compared to India's earlier proposal to cut the Customs duty to 80 per cent. It would mean up to a 73-percentage-point cut in India's Customs duty.
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12/06/2013
Hewlett-Packard India wins stay on Custom dept's $386 million fine
US-based Hewlett-Packard's (HP) India unit has won a stay against Customs Department order asking the computer manufacturer to pay $386 million in alleged duty evasion.The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has stayed the Commissioner of Customs Bangalore's order against HP India Sales Private Ltd (HPI), HP said.The case relates to an investigation by Directorate of Revenue Intelligence (DRI) in 2008, where the government agency had alleged that HPI had underpaid customs duties while importing products and spare parts into India.
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06/06/2013
Notification No. 59/2013-Customs (N.T.)
Rate of exchange of conversion of each of the foreign currency with effect from June 07, 2013
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06/06/2013
Notification No. 58/2013-Customs (N.T.)
Rate of exchange of conversion of each of the foreign currency with effect from June 06, 2013
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06/06/2013
Gold import duty hiked to 8% to rein in demand
The government raised the import duty on gold and platinum by another two percentage points on Wednesday to discourage buying that threatens to worsen India's already high current account deficit. The yellow metal, the demand for which is mostly met for imports, will now attract 8% import duty against 6% levied earlier, marking third such increase in about a year but the measure does not seem to have helped.
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05/06/2013
Notification No. 31/2013-Customs
Amends Notification No. 12/2012-Customs, dated the 17th March, 2012
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03/06/2013
Govt raises import tariff value of gold to $459/10 gram
Keeping in view the volatile price trend in the global bullion market, the government has raised the import tariff value of gold to $459 per 10 gram, while it has been slashed at $737 per kg for silver imports.Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.Last month, the tariff value of gold was at $440 per 10 gram and silver at $761 per kg. The notification in this regard was issued by the Central Board of Excise and Customs.The government has raised the import tariff value of gold as global prices have steadily been going up. On May 31, gold prices in Singapore rose to a two-week high of $1421 per ounce but the metal prices fell later to close at $1388.30. However, silver prices declined by 2.24% to $22.27 per ounce last week.
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31/05/2013
Notification No. 57/2013-Customs (N.T.)
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001
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28/05/2013
Notification No. 56/2013-Customs (N.T.)
Amendments in the Customs Notification No. 61/1994(NT) dated 21/11/1994
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24/05/2013
Circular No. 22/2013 - Customs
Regarding Customs permission for transhipment of goods/containers from a Gateway Port to a Container Freight Station (CFS) of another Customs Station
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