Custom Duty
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Notification No. 48/2017-Customs dated: 30th June, 2017
Notification No. 47/2017-Customs dated: 30th June, 2017
Notification No. 46/2017–Customs dated: 30th June, 2017
Seeks to grant Exemption to re-import of goods exported under duty drawback, rebate of duty or under bond on or after the 1st July 2017
Notification No. 44/2017-Customs dated: 30th June, 2017
Notification No. 43/2017-Customs dated: 30th June, 2017
Seeks to amend notification Nos. 102/2007 dated the 14th September, 2007, 4/99 dated the 8th January 1999, 172/1994 dated the 30th September 1994
Seeks to grant Exemption to Challenge cups, trophies and medals and prizes etc. won by Indian players
Seeks to grant Exemption to imports from Bhutan & Nepal from BCD
Exemption to imports by Diplomats, trade Representatives
Seeks to grant Exemption to re-import of engines and parts of aircraft
Seeks to grant Exemption to imports relating to Defence and internal security forces
Seeks to grant Exemption to imports by Vice-President of India
Seeks to grant Exemption to Aviation Turbine Fuel in tanks of aircrafts by Indian Airlines, United Arab Airlines and Indian Air Force
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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