Custom Duty
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Benefit of Basic Custom Duty exemption on import of ‘GoPro HERO5 Black’ Action Camera Allowed
CBIC notifies Rate of Exchange of Foreign Currencies wef 17.07.2020
Appointment of CAA in case of in case of Sony India Private Limited
Amendments to Rates of Duty Drawback effective from 15.07.2020
Tariff Notification No. 57/2020-Customs (N.T.), Dated: 15.07.2020
FAQs- Sanchit application For Import Export Users
HC Grant Refund for Excess Custom Duty paid as per Amended Section 25
Setting up of Turant Suvidha Kendra (TSK) for faceless assessment
Setting up of Turant Suvidha Kendra (TSK) for faceless assessment-reg
Amendment in notification relating to AIRs of Duty Drawback
CBIC increases duty on imports of Polybutadiene Rubber from Korea RP
Import of Blended edible vegetable oils without prior AGMARK certification not allowed
Requirement of Veterinary Certificate for Import of Milk and Milk Products into India
3 Months Extension for Re import of Cut and Polished Diamonds
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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