Custom Duty
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CBIC excludes copper & articles thereof from exemption provided to raw materials use for manufacturing of ITA
CBIC exclude copper & articles thereof from exemption to raw materials use for manufacturing of ITA goods
CBIC withdraw BCD exemption on Gold used in manufacture of semi-conductor devices
Duty exemption on wool, woollen fabrics & apparels received as gifts by Indian Red Cross Society
CBIC extends exemption from BCD & IGST on specified military equipment
CBIC amends applicable BCD rate on specified parts of Cellular Mobile Phones
CBIC prescribe Basic Customs Duty on various goods- Amends notification No. 50/2017
5% Health Cess on Import of Medical Devices w.e.f. 2nd Feb 2020
Budget 2020: Explanatory Memoranda to Custom Duty notifications
Budget 2020: Summary of Changes in Customs, Central Excise, GST law
Increase in Customs Duty on Footwear and Furniture- Budget 2020
Notification No. 10/2020-Customs (N.T./CAA/Extension/DRI), Dated: 31.01.2020
Tariff Notification No. 08/2020-CUSTOMS (N.T.) dated 31.01.2020
Revision of All Industry Rates (AIRs) of Duty Drawback wef 04.02.2020
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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