Custom Duty
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Rule 9(1)(e) of Valuation Rules could not be applied to every Import which was not dependent on one other
Corrigendum to Notification No. 17/2020-Customs, dated 25.03.2020
Electronic Transmission of Out of Charge copy of Bill of Entry & eGatepass
Undertaking in lieu of bond allowed for Custom Clearance till 15.05.2020
CBIC defers implementation of Electronic Sealing to 1st July 2020
SB005 error correction facility extended for Shipping Bills upto 31.12.2019
Relaxations & Measures | Submission of Bond | Special Refund Drive | e-Bill of Entry
Special Valuation Branch – Procedures under Customs Valuation Rules
Anti-Dumping investigation of imports of Copper & Copper Alloy Flat Rolled Products
Initiation of New Shipper Review Investigation For Determination of Individual Countervailing/ Anti-Subsidy Duty
De-notifying West Quay 6 Berth, Besides Nalco Tanks, Visakhapatnam Port Trust
CBIC notifies Rate of Exchange of Foreign Currencies wef 17.04.2020
Private Customs Bonded Warehouse
Anti-dumping duty on import of Acetone
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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