Custom Duty
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Limit for bonafide gifts imported by post or as air freight increased to Rs, 20000
Notification No. 12/2016-Customs Dated: 1st March, 2016
Notification No. 11/2016-Customs Dated: 1st March, 2016
Analysis of key changes in Excise & Custom Duty: Budget 2016
First Hand Analysis of Union Budget – 2016
CESTAT Requests CBEC to issue appropriate Guideline to Quasi-Judicial Authorities
Procedure for selection of Special Public Prosecutors for handling CBEC cases
Budget 2016: Exhaustive analysis of Excise & Custom duty changes
Notification No. 34/2016-Customs (N.T.) Dated: 29th February, 2016
Custom Duty on Life Saving Drugs
Single Window Project-Problems in clearance of Ex-Bond Bills of Entry in online clearance facility
Special Valuation Branch Under Customs Law
Notification No. 5/2016-Customs (ADD) Dated 22.02.2016
Rate of foreign currency exchange conversion WEF 19.02.2016
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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