Custom Duty
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Notification No. 16/2020-Customs (N.T./CAA/DRI), Dated: 11.02.2020
Notification No. 15/2020-Customs (N.T./CAA/DRI), Dated:11.02.2020
Notification No. 12/2020-Customs (N.T.) dated:11th February, 2020
Transaction Value to be accepted if there was reason to doubt truth or accuracy of such value
CBIC-Sanction of Prosecution of Group -‘A’ Officers- Competent Authority
Previously issued LPCOs cannot be uploaded on eSANCHIT w.e.f 28.02.2020
Anti-dumping duty on import of Acetone from Korea
CBIC Introduces Machine based automated clearance of imported goods
Electronic sealing-Deposit in and removal of goods from Customs Bonded Warehouses-reg
Application for Compounding of Offence can’t be rejected on Technical Grounds
BCD on CCTV Cameras leviable at 15% and not at Nil rate
CBIC notifies Rate of Exchange of Foreign Currencies wef 07.02.2020
Streamlining export data to include District level details in Shipping Bills–reg
Reg. Transhipment of Export Cargo from Bangladesh to third countries through LCS
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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