Custom Duty
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Customs Rate of Exchange of Foreign Currency wef 21.12.2018
Exemption Use in any other project but for specified work, does not bar exemption
CBIC exempts BCD and IGST for imports by NTRO
Increased customs duty on specified imports postponed to 31.01.2019
CBIC to notify WON and TRY in list of currencies for exchange rate
Custom Tariff Notification No. 98/2018, Dated: 14.12.2018
Online exam under Customs Brokers Licensing Regulations from Year 2019
Anti-dumping duty on Uncoated Copier Paper from Indonesia, Thailand & Singapore
Revision of AIR of Duty Drawback wef 19.12.2018- Things to know
Manual filing & processing of AEO T1 applications up to 31.03.2019
Notification No. 97/2018- Customs (N.T.) Dated 07th December, 2018
Customs Rate of Exchange of Foreign Currency wef 07.12.2018
Revised All Industry Duty Drawback Rates applicable from 19 Dec. 2018
Clarification on Customs & Central Excise notifications related to EOUs
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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