Custom Duty
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Self Sealing of Containers by Exporters- Latest Advisory
Seeks to amend notification No. 16/2017-Customs dated 20th April, 2017
Tariff Notification No. 101/2017-Customs (N.T.) dated 31.10.2017
Electronic Sealing for Containers by exporters under self-sealing
CBEC prescribes effective rate of duty under chapters 50 to 63 on textile products
CBEC prescribes effective rate of duty on specified fabrics
Seeks to increase the tariff rate on textile products in chapters 50 to 63
Notification No 100/2017-Customs (N.T.), Dated: 27.10.2017
Amendment in various notifications -Notification No. 99/2017-Customs (N.T.)
Exchange Rates Notification No 98/2017-Custom (NT) dated 27.10.2017
e-SANCHIT- Frequently Asked Questions
SWIFT / e-SANCHIT Under Customs – Latest Developments
Anti-dumping duty on imports of Cold-rolled Flat products
Amendment in Notification No. 96/2017-Customs (N.T.), dated 18th October, 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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