Custom Duty
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Withdraw BCD exemption, available to specified fabrics
Declaration to be filled up by NRIs for depositing Specified Bank Notes
Notification No. 150/2016-Customs (N.T.) dated 31.12.2016
CBEC amends 5 Notification related to imposition of Anti Dumping Duty
Notification No. 149/2016-Customs (N.T.), Dated: 30.12.2016
Customs Duty exemption on import of Technitium-99m withdrawn
Procedure in respect of clearance of import FCL (Full Container Load) containers involving Participating Government Agencies (PGAs)-reg.
Working Group to implement Article 1 of Trade Facilitation Agreement
Anti-dumping duty on imports of Soda Ash from Russia and Turkey to continue
Anti-dumping duty on imports of Soda Ash from China PR, EU, Kenya, Pakistan, Iran, Ukraine and USA to continue
Exemption of Customs Duty On Life Saving Drugs
DRI seizes 85.58 lakhs Cigarette sticks declared as packing material
Mandatory filing of Advance Filing of Bill of Entry in case of LCL cargo
Registration of FIR is not necessary before arresting a person U/s. 104 of Customs Act
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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