Custom Duty
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Requirement of Veterinary Certificate for Import of Milk and Milk Products into India
3 Months Extension for Re import of Cut and Polished Diamonds
Anti-dumping duty on import of Phenol import from South Africa
Anti-dumping duty on imports of Steel & Fibre Glass Measuring tapes
Enhancement of CRCL and Contactless Customs
Turant Suvidha Kendra & Other Initiatives for Contactless Customs
Custom duty on imports of Phthalic Anhydride from Korea increased
CBIC increases duty on imports of Phthalic Anhydride from Korea RP
Anti-dumping duty investigation concerning imports of Polystyrene
Steps to Streamline processes related to Bonds & First Check BEs
CBIC notifies Rate of Exchange of Foreign Currencies wef 03.07.2020
No Custom Penalty for goods cleared by officers after signing Bond
Tariff Notification No. 54/2020-Customs (N.T.), Dated: 30.06.2020
CBIC extended validity of AEO certificates expired/expiring
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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