Custom Duty
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CBIC notifies implementation of India-Mauritius CECPA
CBIC amends notification No. 52/2017-Customs consequent to enactment of Finance Act, 2021
IGST & Compensation Cess exemption on goods imported against AA/EPCG
Health cess exemption on specified parts of x-ray machines
CBIC increases BCD on specified parts of x-ray machines & electric vehicles goods
Anti-Dumping duty on Melamine extended till 30th September, 2021
Deeper tariff concessions extended on import of specified goods under IJCEPA
CBIC extends exemption from IGST & compensation cess to EOUs on imports
Sunset review investigation concerning imports of Normal Butanol
Anti-dumping investigation initiated against imports of Fluoro Backsheet
Notification No. 26/2021-Customs (N.T./CAA/DRI), Dated: 30.03.2021
Clarifications on legislative changes in Section 46 of Customs Act, 1962
CBIC notifies amendment for self approval | Section 149 | Customs Act, 1962
Bill of Entry (Forms) Amendment Regulations, 2021
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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