Custom Duty
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Seeks to revoke/rescind notification No. 40/2012-Customs (ADD) dated 30.08.2012
Dept. cannot recover tax arrears of deceased Assessee from Personal Properties of Spouse
Classification of Telecommunication Antenna used at Base Transceiver Station/ NodeB/eNodeB
Tariff Notification No. 05/2018-Customs (N.T.) Dated 15th January, 2018
Notification No. 1/2018-Customs (ADD), Dated: 12.01.2018
Dhamra and Dighi Ports included in list of ports mentioned in Export Promotion (EP) Schemes Notifications
Customs Post Clearance Audit- reg
Notification No. 04/2018- Customs (N.T.), Dated: 10.01.2018
Notification No. 03/2018-Customs (N.T.), Dated: 10.01.2018
Notice against other noticees gets invalidated if SCN against main Noticee is Set Aside
Updated list of Vendors providing E-seals to exporters
Sunset Review of Anti-dumping duty on Nylon Filament Yarn import
Notification No. 02/2018-Customs (N.T.), Dated: 05.01.2018
CBEC exclude petroleum coke from purview of concessional 5% BCD
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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