Custom Duty
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Notification No. 99/2016- Customs (N.T.) dated: 14.07.2016
Duty Free Shops- Accounting of receipt, storage, operations & removal of goods
TEXPROCIL members can also seek clarification on duty free import entitlement
Notification No. 31/2016-Customs (ADD), Dated: 11.07.2016
Anti-dumping duty on 1,1,1,2-Tetrafluoroethane or R-134a
Growth in Direct/Indirect tax collection of 1st quarter of 2016-17
Notification No. 98/2016-Customs Dated: 8th July, 2016
Notification No. 97/2016-Customs (N.T.) Dated: 8th July, 2016
Investigation related to Anti-Dumping Duties on ‘certain glass fibre
Duty exemption to sugar exported under Advance Authorization Scheme
Sale of goods at Duty Free Shops in Indian Currency
Rate of exchange of foreign currency conversion WEF 07.07.2016
CBEC relaxes norms for recovery of confirmed demands
No Anti-dumping duty on Expanded Polypropylene beads & ter-polymer
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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