Custom Duty
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Tariff Notification No. 79/2019-Customs (N.T.) Dated: 31.10.2019
Extension in date of Sea Cargo Manifest and Transhipment Regulations, 2018
Import, trading & re-export of rough diamonds by notified entities
Release of Cashew Kernels at incorrect tariff rate-reg
Transaction value cannot be rejected merely for higher value deceleration by exporter
Notification No. 42/2019-Customs (ADD) dated 25th October, 2019
Notification No. 41/2019-Customs (ADD) dated 25th October, 2019
Initiation of Sunset review of Anti-Dumping investigation concerning imports of Sodium Citrate from China PR
Reg. Anti-Dumping Investigation of imports of High Tenacity Polyester Yarn from China
Notification No. 58/2019-Customs (N.T./CAA/DRI) dated 21st October, 2019
Notification No. 77/2019-Customs (N.T.) dated: 18th October, 2019
CBIC notifies Rate of Exchange of Foreign Currencies wef 18.10.2019
Notification No. 57/2019-Customs (N.T./CAA/DRI), Dated: 16.10.2019
CBIC and Customs launches scheme to attract investment and support Make in India programme
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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