Custom Duty
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Govt imposes 10% BCD on mobile phone and specified parts
Amendment to Notification No. 40/2015-Custom dated 21.07.2015
Amendment to Notification No. 09/2012-Custom dated 09.03.2012
Amendment to Notification No. 52/2003-Custom dated 31.03.2003
Seeks to Amend Notification 24/2005-customs dated 1st March, 2005
Seeks to prescribe BCD rates on certain electronic goods
Seeks to Increase Tariff rate of BCD on certain goods
Notification No. 55/2017-Customs Dated 30th June, 2017
Seeks to exempt education cess on IGST and Compensation cess on import of goods
Seeks to levy SAD on the goods specified in the notification.
Seeks to prescribe effective rate of duty on goods specified in the notification
Seeks to supersede notification number 21/2012-customs dated 17th March, 2012
Effective rates of customs duty and IGST for goods imported into India
Notification No. 49/2017-Customs dated: 30th June, 2017
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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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