Custom Duty
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‘Nil’ rate of export duty on Electrodes of a kind used for furnaces
BCD on specified parts of cellular mobile phones and other electronic goods
Seeks to exempt CVD, in lieu of Additional Duty of Excise (Road and Infrastructure Cess) levied under clause 110 of Finance Bill, 2018
CBEC exempts Additional Duty of Customs (Road Cess) levied U/s. 116 of Finance Act, 1999
CBEC exempts Additional Duty of Customs (Road Cess) levied U/s.103 of Finance Act, 1998
Seeks to rescind notification No. 59/99-Customs dated 11.05.1999
Seeks to rescind notification No. 57/98-Customs dated 01.08.1998
Seeks to rescind notification No. 7/2015-Customs dated 01.03.2015
Seeks to rescind notification No. 6/2015-Customs dated 01.03.2015
CBEC increases effective rate of BCD on silk fabrics from 10% to 20%
Seeks to exempt IGST compensation cess on imported goods from Social Welfare Surcharge
Seeks to exempt specified goods from levy of Social Welfare Surcharge in excess of 3%
Seeks to exempt specified goods from whole of levy of Social Welfare Surcharge
Seeks to rescind notification No. 28/2007-Customs exempting specified goods from levy of SHE Cess
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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