Custom Duty
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Initiatives Under Ease of Doing Business at Chennai Port as on 07.09.2017
Important changes in Duty Drawback Rules and AIR Schedule notification
New Export Procedure with effect from 01.10.2017
Rate of exchange of conversion of foreign currency WEF 22.09.2017
All Industry Rates of Duty Drawback Schedule WEF 01.10.2017
Customs and Central Excise Duties Drawback Rules, 2017
Mandatory self-sealing and use of RFID container seals deferred to 01.11.2017
Benefits of Authorized economic operator certificate
Anti dumping duty on New/unused pneumatic radial tyres- Reg.
Notification No. 87/2017- Customs (N.T.) Dated: 15.09.2017
Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18
Notification No. 86/2017- Customs (N.T.) Dated: 14.09.2017
Seeks to exempt goods imported for organizing FIFA under 17, world cup, 2017
Anti-dumping duty concerning imports of “Ammonium Nitrate”
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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