Custom Duty
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Seeks to grant Exemption to Tags and labels, or printed bags of foreign origin imported for repairs and return
Seeks to grant Exemption to re-import of challenge cup and trophies, won by Defence units
Seeks to grant Exemption to works of Art and books, being antiques of an age exceeding one hundred years
Seeks to grant Exemption to re-import of unclaimed postal articles
Seeks to grant Exemption to motion pictures, music, gaming software
Seeks to grant Exemption to Specimen, models, wall pictures and diagrams received as gifts
Seeks to grant Rescinds the Notification No. 151/1982 – Customs, dated the 14th May 1982
Seeks to Rescind Notification No. 171/1993- Customs, dated 16th September 1993
Anti dumping duty on imports of Soda Ash extended till 2nd July, 2018
Customs (Import of Goods at concessional Rate of Duty) Rules, 2017
Courier Imports and Exports (Electronic Declaration and Processing) (Amendment) Regulations, 2017
CBEC amends forms related to Courier Imports and Exports (Clearance)
Bill of entry (Forms) (Amendment) Regulations, 2017
Further amendment to Principal Notification No. 12/97-Cus (N.T.)
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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