Custom Duty
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CBIC prescribes effective rate of BCD on various goods
CBIC excludes specified electronic items from scope of entry at S.No. 6A of notification No. 57/2017- Customs
BCD exemption on specified parts of line telephone handset
CBIC exempt specified capital goods use for manufacture of specified electronic items
CBIC update classification of goods in notification No. 25/98-Customs
CBIC increases effective rate of Basic Customs Duty on petroleum crude
Customs Duty exemption on specified defense equipment & parts
Customs: CBIC increases effective rate of Road and Infrastructure cess
Proposed Amendment in Customs Act, 1962 & Service Tax
Highlights of Budget 2019- Direct and Indirect Tax
Partial discharge of Custom bonds executed by nominated agencies/ banks
Detailed analysis of changes in Central Excise & Custom- Budget 2019
Budget 2019: Explanatory memorandum to Custom Notifications
CBIC notifies Rate of Exchange of Foreign Currencies wef 05.07.2019
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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