Custom Duty
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Tariff Notification No. 89/2018-Customs (N.T.) Dated 31.10.2018
Customs Electronic sealing implementation extended to 01st January, 2019
Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2018
Sunset Review investigation on imports of PVC Suspension Grade Resin
Notification No. 23/2018-Customs (N.T./CAA/DRI), Dated: 26.10.2018
Notification No. 22/2018-Customs (N.T./CAA/DRI), Dated: 26.10.2018
Reg. Anti-dumping duty on Saccharin exported from China PR
IGST Refund when refund scroll generated for a much lesser IGST
Owner of goods to procure a RFID seal from destination warehouse
Highly technical equipment cannot be differentiated into smaller parts
File tax appeals before the bench allotted to district where dispute arose
Procedure in cases of manufacturing or other operations undertaken in bonded warehouses
Customs Rate of Exchange of Foreign Currency Conversion wef 19.10.2018
Anti-dumping duty on Straight Length Bars and Rods of Alloy Steel
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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