Custom Duty
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CBIC Circular on Health warning on Cigarettes and other Tobacco products
Customs Rate of Exchange of Foreign Currency Conversion wef 20.06.2018
Electronic sealing – Deposit in and removal of goods from Customs bonded Warehouses
Penalty & confiscation of Gun merely for import by a non-renowned shooter is irregular
Tariff Notification No. 53/2018-Customs (N.T.) Dated: 14th June, 2018
Increase in Custom duty on crude / Refined edible vegetable oils
Anti-Dumping investigation on imports of Saccharin from Indonesia
CBIC notifies Karanja Terminal u/s 7(a) of Customs Act, 1962
Procedure for e-commerce exports through Post & clarification regarding personal imports
Powers of adjudication of the officers of Customs- reg
Notification under Section 7 notifying Surat airport as Customs airport
Monetary limits for adjudication by Custom officers in cases liable to confiscation
CBIC notifies Custom officers for adjudging confiscation or penalty
Customs Rate of Exchange of Foreign Currency Conversion wef 08.06.2018
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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