Custom Duty
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Customs Rate of Exchange of Foreign Currency Conversion wef 20.07.2018
IGST refund: Rectification facility to shipping bills filed upto 30.06.2018
IGST refund related issues: CBIC set-up help desks
CBIC Notifies Change in BCD on Certain Textile Goods
CBIC expand list of items exempt from custom duty for Handicraft Sector
CBIC rescinds notification No. 36/2012- Customs (ADD) dated 16.07.2012
Anti-dumping duty on imports of Grinding Media Balls
Notification No. 62/2018-Customs (N.T.) Dated 13.07.2018
Notification No. 61/2018-Customs (N.T.) Dated 11.06.2018
Additional Director of Directorate of Revenue Intelligence not entitled to invoke Section 124 of Customs Act, 1962
Notification No. 9/2018-Customs (N.T./CAA/DRI) dated: 10.07.2018
Anti-dumping duty on High Tenacity Polyester Yarn
Export duty on export of Iron Ore by MMTC Limited reduced
Reg. Review petition for extension of Anti-dumping duty on imports of Acetone
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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