Custom Duty
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CBIC amends Customs Tariff notifications No. 11 and 12/2018-Customs
CBIC amends Customs Tariff notifications No. 82/2017-Customs
CBIC amends Customs Tariff notifications No. 50/2017-Customs
Customs Tariff notifications amended to align with amended Customs Tariff
Anti Dumping notifications amended to align with amended Customs Tariff
Centralised processing of proposal for foreign deputations
When penalty imposed on firm, penalty cannot be imposed on its partner
New official email id for correspondences related to Office of Commissioner (Investigation-Customs)
Advance authorization- Para 4.28(f) of FTP-HoP not applicable to cases where export obligation fulfilled
Liability to pay demurrage is on importer, irrespective of reason for seizure /detention of goods
Anti-dumping duty on High Tenacity Polyester Yarn- Reg.
CBIC notifies Rate of Exchange of Foreign Currencies wef 20.12.2019
Board Committees Under Various Law Enactments
Tariff Notification No. 90/2019-Customs (N.T.) dated 13.12.2019
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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