Custom Duty
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Custom Duty exemption on specified medicines under PAPs
Anti-dumping duty imposed on imports of Toluene Di-Isocyanate (TDI)
Tariff Notification No. 103/2020-Customs (N.T.), Dated: 29.10.2020
Concessional Basic customs duty rate on potato imports till 31.01.2021
Concessional Basic Customs Duty on Lentils (Mosur) extended till 31.12.2020
CBIC clarifies on Job work in bonded warehouses by Section 65 unit
Anti-Dumping duty on Fluoroelastomers extended till 27.11.2020
Adjudication Order must be Speaking & should deal with facts: HC
Manufacture & Other Operations in Customs Warehouse- FAQs
Anti-dumping investigation on imports of Choline Chloride
Faceless Assessment – New provisions in ICES
CBIC appoints Customs Authority for Advance Rulings, at Delhi & Mumbai
Power of seizure of goods -Customs Act – Section 110- Reasons to believe
Custom duty exemption on Scrips Issued Under Rosl Scheme For Apparel & Made-Ups Sectors
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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