Custom Duty
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Right given by Exemption Notification cannot be taken away by issue of Departmental Circulars
Ground not raised before Commissioner (Appeals) cannot be raised before Tribunal by department
Notification No. 149/2015 – Customs (N.T.) dated the 29th December, 2015
Notification No. 148/2015-Customs (N.T.) Dated- 29th December, 2015
Digital Signature mandatory from 01.01.2016 for filing Customs documents through Remote EDI System
Notification No. 147/2015-Customs (N.T.), Dated: December 23, 2015
Notification No. 146/2015-Customs (N.T.) Dated- 23rd December, 2015
CBEC direct Custom officers to follow instructions scrupulously given in Audit Manual 2015
Notification No. 145/2015-Customs (N.T.) Dated-18th December, 2015
Rate of exchange of conversion of foreign currency wef 18th December, 2015
Issuance of Look Out Circulars (LOC) for indirect tax defaults- reg
Fireworks may be disposed soon after its seizure by Custom Department
Fixation of Tariff Value of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver
Anti-dumping duty on Abendazole, originating in, or exported from China
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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