Custom Duty
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Anti-dumping duty on Methylene Chloride originating in, or exported from China and Russia
Notification No.137/ 2015-Customs (N.T.) Dated- 7th December, 2015
Initiation of safeguard investigation concerning imports of Hot Rolled flat sheets and plates
Transaction value cannot be rejected on the basis of a quotation which gives domestic retail sale price
Post-importation services could not be added to value of goods imported
Anti-dumping duty plastic processing or injection moulding machines
Anti-dumping duty on Phthalic Anhydride
Anti-dumping duty on Melamine Tableware and Kitchenware products
Reg. Investigation Cases to be assigned to Additional Director General (Adjudication), DRI
Rate of exchange of conversion of foreign currency WEF 4th December, 2015
Timely cancellation of bond executed with Customs in advance authorisation cases – regarding
Guidelines for handling and storage of valuable goods that are seized/ confiscated by the Department- reg.
Notification No. 135/2015-Customs (N.T.) Dated-30th November, 2015
Amends Notification No. 83/2004-Customs (N.T) dated 30th June 2004
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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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