Custom Duty
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Notification No. 22/2020-Customs (N.T./CAA/DRI), Dated: 20.03.2020
CBIC notifies Rate of Exchange of Foreign Currencies wef 21.03.2020
Decoding India’s Trade Agreements – Part –1
Tariff Notification No. 29/2020-Customs (N.T.), dated: 20.03.2020
CBIC notifies Rate of Exchange of Foreign Currencies wef 20.03.2020
FOB price cannot be treated as cum duty price for export duty calculation
Tariff Notification No. 26/2020-Customs (N.T.), Dated: 18.03.2020
Customs Electronic Sealing implementation deferred till 30.04.2020
Australian Dollar Rate for Customs with effect from 17.03.2020
Result of Customs Brokers Examination, 2020 conducted on 06.03.2020
Tariff Notification No. 24/2020-Customs (N.T.) dated 13th March, 2020
CBIC notifies Rate of Exchange of Foreign Currencies wef 14.03.2020
Recovery of Redemption fine from Sale Proceeds- CESTAT refers matter to Larger Bench
Govt increases custom cess (RIC) on petrol & diesel by Rs. 1 per litre
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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