Custom Duty
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Electronic Sealing for Containers by exporters voluntary till 1st March, 2018
Customs Rate of exchange of conversion of foreign currency wef 22.12.2017
Govt imposes 30% Basic Customs Duty on Chana (Chickpeas) and Masoor (Lentils)
Summary of CAG Report on Customs for Year ended 31st March 2017
Order passed U/s. 110 A of Customs Act, 1962 is an appealable order
Rate of exchange of conversion of ‘South African Rand’ wef 20.12.2017
Imposition of Safeguard Duty on imports of Solar Cells- Reg.
Payment in Indian Rs. via INR debit or credit cards at Duty Free Shops
Tariff Notification No. 116/2017-Customs (N.T.) Dated: 15th December, 2017
Notification No. 115/2017-Customs (N.T.) Dated 14 December 2017
Customs (Furnishing of Information) Rules, 2017
CBEC prescribe effective rate of BCD on various goods
CBEC increases import tariff rate on specified electronic goods
Guidelines for grant of rewards to officers, informers & other persons, 2017
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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