Custom Duty
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Amendment to Notification No. 93/2016-Customs (NT) dated 01.07.2016
Tariff Notification No. 62/2017-Customs (N.T.) Dated: 30.06.2017
Implementation of Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017
Duty Drawback for supplies by DTA units to SEZs in GST scenario
Fixation of Brand Rate of drawback in GST scenario
Amendments effective from 1.7.2017 to All Industry Rates of Duty Drawback
Drawback of IGST & Compensation Cess paid on imported goods upon re-export
Seeks to amend Customs Exemption notifications for various export promotion schemes
Anti-dumping duty on imports of ‘Pentaerythritol’ from China
Shipping Bill (Electronic Declaration) (Amendment) Regulations, 2017
Shipping Bill & Bill of Export (Forms) Regulations,2017
Amendment in Custom Notification related to AIRs of duty drawback
Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2017
Re-export of Imported Goods (Drawback of Customs Duties) Amendment Rules, 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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