Custom Duty
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Notification No. 56/2016-Customs Dated: 3rd October, 2016
Notification No. 55/2016-Customs Dated- 3rd October, 2016
Notification No. 54/2016-Customs dated 3rd October, 2016
Notification No. 123/2016-Customs(N.T.) dated 30.09.2016
CBEC retains customs duty on ghee, butter & butter oil at 40 beyond 30.09.2016
Reg. manual debits on physical copy of Advance Authorizations registered at EDI Customs port
Regarding classification of certain inorganic chemicals as fertiliser
Seeks to amend 3 Customs notifications namely 104/2009, 16/2015 & 17/2015-Cus
Incorrect simultaneous issuance of dual benefit of Zero duty EPCG and SHIS
CBEC reduces import duty on potatoes, wheat & palm oil
Notification No. 50/2016-Customs Dated- 22.09.2016
Advisory on the Rebate of State Levies on Textiles Scheme (ROSL)
Rate of exchange of conversion of foreign currency WEF 23.09.2016
Setting up of CCFC for Land Customs Stations & Inland Container Depots- reg
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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