Custom Duty
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e-SANCHIT Under Customs – A Brief Note
Govt amends IGST Rate on import of certain products wef 25.01.2018
Amendments to All Industry Rates of Duty Drawback effective from 25.01.2018
Delhi HC set-aside order Revoking Customs Broker License for mis-declaration in consignment
CBEC imposes Anti-dumping duty on imports of Toluene Di-Isocyanate
List of CBEC Officers to receive Presidential Award on Republic Day, 2018
Amendment in AIRs of Duty Drawback wef 25.01.2018
Duty Free Shops Sale of Goods and Display of Prices in Indian Currency
Procedure for Export via Land Customs Stations to Nepal, Bangladesh & Bhutan
CBEC notifies limit on Appreciation Certificates by President
Customs Rate of exchange of foreign currency wef 19.01.2018
Temporary Import of Professional Equipment and Sports Goods under A.T.A. Carnet
Union Budget 2018-19: ASSOCHAM seeks 10% customs duty on pulp imports
CBEC decentralises processing of AEO applications
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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