Custom Duty
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Reg. Investigation of Anti-dumping duty on imports of Certain Rubber Chemicals
Punjab Govt appoints Nodal officer in line with Ad hoc Exemption Order
Can Govt extend IGST exemption on import of oxygen concentrators by way of gift by Individuals: HC ask CG
Value declaration not sought by customs in respect of Covid-19 relief Material
Certificate format for imports of certain COVID-19 relief material without IGST
IGST Exemption on imports of COVID19 relief material donated from abroad
Ad hoc Exemption from IGST on imports of specified COVID-19 relief material donated from abroad – regarding
Nodal officer for clearance of COVID-19 relief materials imported by IRCS
CBIC Draft Authorization form for IGST Exemption for Covid Material
Sunset Review investigation concerning imports of ‘Methyl Acetoacetate’
Anti-subsidy investigation concerning imports of Fiberboards
IGST reduced to 12% on oxygen concentrators
Tariff Notification No. 45/2021-Customs (N.T.) dated 30.04.2021
Import duty on specified Inflammatory Diagnostic (markers) kits exempted
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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