Custom Duty
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Customs Rate of Exchange of Conversion Foreign Currencies wef 06.04.2018 notified
Non-levy of additional duty of customs to jute importers from Nepal
CBIC imposes 10% BCD on Camera Module and Connectors of cellular mobile phones
CBIC imposes BCD on Camera Module & Connectors of cellular mobile phones
CBIC imposes BCD on PCBA of cellular mobile phones
CBIC imposes 10% BCD on PCBA, Camera Module & Connectors of cellphone
CBIC imposes 10% BCD on populated, loaded or stuffed printed circuit boards
CBIC notifies Pre-notice Consultation Regulations, 2018
CBEC renamed central board of indirect taxes and customs (CBIC)
Custom Department Appraiser and Wife Convicted in DA Case
CBEC amends 5 notification to exempt IGST & services tax compensation cess on import of goods under licenses
Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2018
CBEC appoints 13 more customs airports as international courier terminals
Notification No. 26/2018-Customs (N.T.) dated: 28th March, 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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