Custom Duty
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Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes
Notification No. 65/2019-Customs (N.T.) dated 13th September 2019
Tariff Notification No. 64/2019-Customs (N.T.) dated 13.09.2019
Anti-Subsidy Investigation of imports of Textured Tempered Glass from Malaysia
Notification No. 45/2019-Customs (N.T./CAA/DRI), Dated: 12.09.2019
Notification No. 44/2019-Customs (N.T./CAA/EXTENSION/DRI), Dated: 12.09.2019
Notification No. 43/2019-Customs (N.T./CAA/DRI), Dated: 12.09.2019
Guideline & mode of Disposal of seized/confiscated foreign origin liquor
Valuation – Substantial mark-up in supply of imported goods to customers when not indicates under-valuation of imports
Catalyst consumed in final product cannot be extended exemption available to goods for setting up, running, repair or maintenance of plant
CBIC rescinds notification No. 11/2018-Customs (ADD), dated 20.3.2018
Coirrigendum to Notification No. 33/2019-Customs (ADD) dated 26th August, 2019
CBIC amends notification No. 2/2016-Customs (ADD), dated 28.01.2016
Notification No. 42/2019-Customs (N.T./CAA/DRI), Dated: 06.09.2019
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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