Custom Duty
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Simultaneous penalty on firm & partners restricted to abetment
Notification No. 16/2016-Customs (N.T.), Dated- 29th January, 2016
Notification No. 6/2016-Customs, Dated: 28th January, 2016
Notification No. 3/2016-Customs (ADD), Dated-28th January, 2016
Anti-dumping duty on Melamine
Anti-dumping duty on Mulberry Raw Silk
Custom valuation Rule 4 will not apply if Import is without monetary consideration: SC
Clearance of Livestock and Livestock products- regarding
Regarding grant of Presidential Award of Appreciation Certificate to officers of Customs & Central Excise on the eve of Republic Day, 2016
Rate of exchange of conversion of foreign currency WEF 22nd January, 2016
Reg. Definitive countervailing duty on import of Castings for wind-operated electricity generators
Corrigendum to Notification No. 43/2014-Customs (N.T.) Dated 23.05.2014
Increase in Custom Duty to promote domestic manufacturing of medical devices
No Custom Duty on Goods required for medical, surgical, dental or veterinary use
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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