Custom Duty
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32 custom notifications amended to provide a specific end date for them
CBIC extends validity of 3 Exemption notifications upto 31st March, 2028
Import duty exemption benefit to Warm blood horse for equestrian sports extended
Custom duty exemption on gold, silver & platinum imported under specified schemes -Reg.
India-UAE Comprehensive Economic Partnership Agreement- Custom Notification amended
Project Imports (Amendment) Regulations, 2023
Budget 2023: Amendment in Custom duty Rates on certain electronic items
Notification No. 13/2021 & 34/2022-Customs, related to Social Welfare Surcharge rescinded
Budget 2023: Social Welfare Surcharge levied & revised on certain items
Budget 2023: AIDC levied & exempted on certain items
CBIC revise/provide Custom duty exemption(s) on specified goods
Budget 2023 – Sector wise Changes In Custom Duty Rates & Legislative Changes in GST
Budget 2023 proposes about 16% Increase in NCCD on Specified Cigarettes
Budget 2023: Detailed analysis of Changes in Customs & Central Excise duty
Latest Custom Duty News
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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.
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