Custom Duty
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Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021
CBIC temporarily revokes notification No. 16/2020-Customs (ADD)
CBIC temporarily revokes notification No. 38/2019-Customs (ADD)
CBIC temporarily revoke operation of notification No. 54/2018-Customs (ADD) dated 18.10.2018
Seeks to further amend notification No. 82/2017-Customs, dated 27.10.2017
CBIC exempts Social Welfare Surcharge leviable on Crude or roughly trimmed or Blocks Marble or travertine
Seeks to exempt Social Welfare Surcharge leviable on Agriculture Infrastructure & Development Cess on Gold and Silver
Seeks to rescind notification No. 12/2018-Customs, Dated 02.02.2018
Rate of Agriculture Infrastructure & Development Cess for specified goods
Project Imports (Amendment) Regulations, 2021
List of specified projects under heading 9801 of First Schedule to CTA amended
Duty exemption on temporary imports of costumes & props for film-making
Budget 2021: CBIC rescinds 3 Custom Duty Notifications
Health Cess Exemption on import of medical devices by international organizations & diplomatic missions
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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