Custom Duty
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Anti-dumping investigation concerning imports of Color coated/ pre-painted flat products of alloy or non-alloy steel
Customs Brokers Licensing (Amendment) Regulations, 2021
Sea Cargo Manifest and Transhipment (Fifth Amendment) Regulations, 2021.
CBIC relaxes Customs Brokers Licensing Regulations
Imports of PVC Suspension Grade Resin into India from Japan- Reg.
Implementation of RMS for processing of Duty Drawback Claims – reg
Sunset Review investigation on imports of ‘Barium Carbonate’
IGST on repair cost, insurance & freight, on goods re-imported
Notification No. 37/2021-Customs – Clarifying leviability of IGST
Notification No. 36/2021-Customs – Clarifying leviability of IGST
No Penalty without evidence & for mere small difference in time
No penalty for customs section 41 violation due to inadvertent omission/system error
Narcotic Drugs and Psychotropic Substances (Second Amendment) Rules, 2021
CBIC CRP for speedy clearances of COVID-19 vaccines at airports
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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