Custom Duty
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Special Warehouse (Custody and Handling of Goods) Amendment Regulations, 2020
Manufacture and Other Operations in Warehouse (no. 2) Amendment Regulations, 2020
Manufacture and Other Operations in Special Warehouse Regulations, 2020
CBIC extends ADD on imports of Caustic Soda till 17.11.2020
CBIC appoints CAA in case of ‘Handen Climate Systems India Private Limited’
CBIC appoints CAA in case of ‘Sanden Vikas India Private Limited’
Anti-Dumping investigation concerning imports of Flax Fabric- Reg.
Customs Procedure for manufacturing in special warehouses
Anti-dumping duty on imports of DPP Red 254 extended till 16.11.2020
Tariff Notification No. 72/2020-Customs (N.T.) dated 14.08.2020
Tariff Notification No. 71/2020-Customs (N.T.), Dated: 13.08.2020
Manufacturing & other operations in a bonded manufacturing facility
Anti-dumping Duty on flax fabrics import extended by 3 Months
Notification No. 36/2020-Customs (N.T./CAA/DRI), Dated: 11.08.2020
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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