Custom Duty
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Refunds of IGST paid on import in case of specialized agencies – reg
Notification No. 30/2019-Customs (ADD), Dated: 01.08.2019
Notification No. 29/2019-Customs (ADD), Dated: 01/08/2019
CBIC notifies Rate of Exchange of Foreign Currencies wef 02.08.2019
Amendments to Sea Cargo Manifest and Transhipment Regulations, 2018
EPCG scheme: No interest payable on composition fee as same is not duty under Customs Section 28
Tariff Notification No. 53/2019-Customs (N.T.), Dated: 31.07.2019
Customs not to recover from legal heirs of deceased noticees/assessees
Clarifications on Refunds of IGST paid on import in case of risky exporters
Tax on goods exported earlier for exhibition purpose/consignment & applicability of Notification No. 45/2017-Customs
Effective date of STP approval cannot be amended to an earlier point of time, once imports made
Notification No. 32/2019-Customs (N.T./CAA/DRI), Dated: 24.07.2019
Notification No. 31/2019-Customs (N.T./CAA/DRI) Dated: 24.07.2019
Anti-dumping duty on imports of Purified Terephthalic Acid
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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