Custom Duty
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Anti dumping duty on jute sacking cloth import from Bangladesh
Proper officer for Customs (Supplementary Notice) Regulations, 2019
Customs (Supplementary Notice) Regulations, 2019
IGST refunds mechanism to verify IGST payments
Govt imposes retaliatory duties on 28 specified goods exported from USA
Govt increases customs duty on lentils, boric acid & laboratory reagents
Tariff Notification No. 41/2019-Customs (N.T.) dated 14th June 2019
Penalty under Section 114 of Customs Act cannot be imposed on CHA
Anti dumping duty imposed on PVC to continue till 12th August, 2019
Reg. Anti-dumping duty till 24.06.2019, on imports of “Paracetamol”
Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962
List of items, samples of which can be tested in revenue laboratories
CBIC notifies Rate of Exchange of Foreign Currencies wef 07.06.2019
Non-compliance with Section 50 of the NDPS Act, 1985
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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