Custom Duty
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Notification No. 52/2015-Customs Dated-20th November, 2015
Exchange Rate Notification No.112/2015-Customs (NT) Dated 19.11.2015
Process of extension of re-warehousing period of Bonded capital goods – reg
Trade facilitation – Monitoring of pending bills of entry
Notification No. 54/2015-Customs (ADD) Dated- 18th November, 2015
CBEC Notifies Shahebganj and Haldibari in Cooch Behar as Land Customs Stations
Amendment in Duty Drawback Rates and Procedure for export under claim for brand rate
Revised Notes & conditions for determination of Duty Drawback Rate
Provisional drawback Payment for export under claim & brand rate mechanism for Wheat exporters
HC confirms penalty on custom official for clearance of Consignment without proper Verification
Notification No. 108/2015-Customs (N.T.) Dated-13th November, 2015
Customs Dept need not go deep into matter and by hair-splitting and semantic niceties deny benefit of Exemption Notification: SC
Notification No. 107/215-Customs (N.T.) Dated- 9th November, 2015
Custom foreign currency conversion rate WEF 06.11.2015
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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