Custom Duty
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ADD on Import of Jute products from Nepal & Bangladesh extended
Notification No. 48/2022-Customs (N.T.), Dated: 31.05.2022
Regulation regarding export of raw, white and refined sugar
DRI seizes Red Sanders worth Rs. 11.70 crore under Operation Rakth Chandan
Anti-Dumping Duty on imports of Styrene Butadiene Rubber
Reexamine imposition of anti-dumping duty on Viscose Staple Fibre: CESTAT Delhi
Customers Broker not liable for penal action for bonafide action based on material given by client
DRI seizes 52 kg Cocaine worth over Rs 500 crore under Operation Namkeen
Revocation of courier licence justified on breaching legal framework of Customs Act
Managing Directors of Company to be summoned only when authorized representatives are not cooperating
Anti-dumping duty on imports of ‘Ceramic Tableware & kitchenware
Anti Dumping Duty on Decor Paper – Reg.
Notification No. 45/2022-Customs (N.T.), Dated: 24.05.2022
Govt exempts from BCD & AIDC – Crude Sunflower/Soyabean Oil
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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