Custom Duty
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Concessional customs duty on Motor Car Engine, gear box and parts thereof on import from Japan
Anti-dumping duty cannot be charged for gap period, the period between lapse of provisional duty & imposition of final duty: SC
Clarification on classification of Biodiesel under oleochemicals – reg.
Notification No. 61/2015-Customs (ADD), Dated-11th December, 2015
Notification No. 56/2015-Customs Dated-11th December, 2015
Notification No. 141/2015-Customs (N.T.) Dated: 10/12/2015
Notification No. 140/2015-Customs (N.T.) Dated: 10/12/2015
Notification No. 139/2015-Customs (N.T.) Dated: 10/12/2015
Notification No. 138/2015-Customs (N.T.) Dated: 10/12/2015
Anti-dumping duty on Purified Terephthalic Acid
Anti-dumping duty on Gliclazide, originating in, or exported from China
Provisions of interest on belated refund U/s. 27A of Customs Act also applies on belated refund of SAD
Assessable value would be transaction value where it isn’t influenced by relationship between buyer and seller
If purchase price fixed in first contract subsequently gets revised prior to importation of goods, then Customs duty would be payable on revised price
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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