Custom Duty
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CBEC rescinds notification No. 69/2004-Customs exempting specified goods from levy of Education Cess
CBEC exempts SHE Cess on all goods in First schedule to Customs Tariff Act, 1975
CBEC exempts levy of Education Cess on all goods in First schedule to Customs Tariff Act, 1975
CBEC notifies effective rate of BCD as per Union Budget 2018
Budget 2018 Video presentation on important changes in Indirect Taxes
Customs Rate of exchange of foreign currency wef 02.02.2018
Budget 2018 proposes Social Welfare Surcharge On Imported Goods
Budget 2018 to smoothen Custom Act Dispute Resolution Process
Budget 2018: Changes in Custom Duty on Mobile Phones, Raw Cashew & TV Parts
Budget 2018 Exhaustive Analysis of Changes in Custom Duty
Budget 2018- Explanatory memorandum to Custom Duty Notifications
Notification No. 10/2018-Customs (N.T.), Dated: 31.01.2018
e-SANCHIT Under Customs – A Brief Note
Govt amends IGST Rate on import of certain products wef 25.01.2018
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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