Custom Duty
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Anti-dumping duty on imports of Rubber Chemicals, namely PX13 & TDQ
Customs Assessment of Bulk Liquid Cargo – regarding
Notification No. 103/2016-Customs (N.T.) dated 25.07.2016
Make Indirect Taxes Dispute Resolution Scheme a Success: CBEC
Customs Authorized Economic Operator (AEO) Programme
Rate of exchange of foreign currency conversion WEF 22.07.2016
DD/PO towards appeal/application fee Should be Valid for 60 days
Reg. Import Dur exemption to Micro/Mini SD cards
Issue of defending interest of UOl In Indirect Tax matters- Reg
Notification No. 101/2016-Customs (N.T.) dated: 15.07.2016
Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Second (Amendment) Rules, 2016
Anti-dumping on imports of Plain Medium Density Fibre Board (MDF
Reg. Anti-dumping duty on Phenol- Change in Exporter Names
Reg. Anti Dumping Duty on Embroidered yarn or thread
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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