Custom Duty
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Notification No. 39/2018-Customs (N.T.), Dated: 11.05.2018
Sea Cargo Manifest and Transhipment Regulations, 2018
Amendment to notification No. 17/2017-Customs (N.T.) dated 3rd March, 2017
Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Regulations, 2018
CBIC amends notification No. 17/2018-Customs (ADD), dated 27.03.2018
Notification No. 24/2018-Customs (ADD) dated: 07.05.2018
Customs Rate of Exchange of Foreign Currency Conversion wef 04.05.2018
CBI arrests 4 Deputy Commissioners & one Custom Superintendent
Notification No. 3/2018-Customs (N.T./CAA/DRI) dated 01.05.2018
Notification No. 34/2018-Customs (N.T.), Dated: 27.04.2018
No Penalty on CHA for Unknowingly attempting to clear prohibited goods
Import of EOUs/EHTP/STP /BTP without payment of duty
SAD refund cannot be rejected for mere non-production of Original Documents
Anti-dumping duty on imports of Methyl Ethyl Ketone or MEK
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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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