Custom Duty
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CBIC postpones increase in customs duty on specified imports from USA
Notification No. 14/2019-Customs (N.T.) Dated: 26.02.2019
Anti-dumping duty on Textured Tempered Coated & Uncoated Glass
Discontinuation of printing of Advance & EPCG Authorisations- Reg.
Customs Rate of Exchange of Foreign Currency wef 22.02.2019
CBIC Rescinds Circular No. 132/95-Customs dated 22.12.1995
Anti-dumping duty meant for new machinery cannot be imposed on second hand machinery
Amendments to All Industry Rates of Duty Drawback wef 20.02.2019
Declaration of Green Channel Berth of Visakhapatnam Port Trust as Customs Area-regarding
Reg. amendment in notification related to AIRs of Duty Drawback
India Imposes 200% Duty on Import from Pakistan
Customs Brokers’ Examination- Guidelines For Candidates
Customs Rate of Exchange of South African Rand wef 16.02.2019
Tariff Notification No. 10/2019-Customs (N.T.), Dated: 15.02.2019
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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