Custom Duty
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Customs Rate of Exchange of Foreign Currency Conversion wef 06.07.2018
Tribunal cannot Question validity of Act, Rules, Regulations & Notifications
Notification No. 8/2018-Customs (N.T./CAA/DRI), Dated: 02.07.2018
Rules of Determination of Origin of Goods under Asia-Pacific Trade Agreement Amendment Rules, 2018
CBIC notifies tariff concession on specified goods on Import from specified countries
Tariff Notification No. 58/2018 -Customs (N.T.) dated 29th June, 2018
Reg. Provisional assessment of new/unused pneumatic tyres import
Imposition of penalty not justified in absence of motive to mis-declare goods
Notification No. 57/2018-Customs (N.T.), Dated-22.06.2018
Intellectual Property Rights (Imported Goods) Enforcement Amendment Rules, 2018
Customs Rate of Exchange of Foreign Currency Conversion wef 22.06.2018
Visiting Custom House Kolkata?- Undeclared cash in excess of Rs. 5000 may be confiscated
CBIC prescribes effective rate of duty on specified goods vide Notification No. 49/2018-Customs
CBIC increases tariff rate on goods in chapters 7, 8, 28, 38, 72 & 73 in First Schedule to Customs tariff Act, 1975
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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