Custom Duty
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Notification No. 61/2016-Customs (N.T.), dated: 04.05.2016
Monitoring of pendency in disbursal of rewards to informers
Anti-dumping duty on imports of Measuring Tapes
Guidelines for Rewards to Informers of Tax Evasion
Tariff Value Notification No. 60/2016-Cus (NT) dated 29.04.2016
Notification No. 1/2016-Customs (SG) Dated: 29th March, 2016
Carriage of coastal cargo from one Indian port to another in vessels
Notification No. 59/2016-Customs (N.T.) Dated: 27th April, 2016
Notification No. 58/2016-Customs (N.T.) Dated: 27th April, 2016
Reg. Vessels carrying exclusively coastal import or export goods
Notification No. 56/2016-Customs (N. T.) Dated: 27th April, 2016
Dispensation of address proof for Import via courier
Anti-dumping duty on Synchronous Digital Hierarchy Transmission Equipment
Simplified Import procedure for units in Aircraft Repair & Overhaul
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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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