Custom Duty
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Notification No. 07/2017-Customs, Dated: 01.03.2017
DGFT to accept e-BRC for exports with LEO date upto 31.03.2014
Exemption from drawal of samples for grant of drawback
Notification No. 13/2017-Customs (N.T.), Dated: 28.02.2017
Proposal to amend Customs Valuation (Determination of Price of Imported Goods) Rules, 2007
Anti-dumping duty on Seamless tubes, pipes & hollow iron profiles etc.
Clarification of levy of MOT charges in CFSs attached to 24×7 ports
Rate of exchange of conversion of foreign currency WEF 17.02.2017
Notification No. 11/2017-Custom (N.T.), Dated: 15.02.2017
Guideline for Seizure of Custom goods, documents and things
Notification No. 10/2017-Customs (N.T.) dated 08.02.2017
Anti-dumping duty on Cold Rolled Flat Products of alloy or non-alloy steel
Anti-dumping duty on Hot Rolled products of alloy or non-alloy steel
Measures to Protect & Promote Domestic Steel Industry Against Cheap Steel Imports
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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