Custom Duty
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Taxation Laws (Amendment) Act, 2017 to be effective from 01.07.2017
CBEC declares Kannur International Airport as Customs Airport
Project Imports (Amendment) Regulations, 2017
Anti-dumping duty on imports of sewing machine needles
India – Malaysia Comprehensive Economic Cooperation Agreement (Bilateral Safeguard Measures) Rules, 2017
Mandatory Pre-Deposit U/s. 129E of Customs Act is Constitutionally Valid: Bombay HC
Draft Courier Imports and Exports (Clearance) Regulations, 2017
Draft Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2017
Draft Bill of Entry (Forms) Amendment Regulations, 2017.
Draft Shipping Bill and Bill of Export (Forms) Regulations, 2017
Anti-dumping duty on Clear Float Glass of nominal thickness
Notification No. 54/2017-Customs (N.T.) Dated: 15.06.2017
Rate of exchange of conversion of foreign currency WEF 16.06.2017
Anti-dumping duty on Soluble Salt Double Charge, GVT & PGVT, Porcelain/ Vitrified Tile
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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