Custom Duty
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Notification No. 69/2015-Customs (N.T.) Dated- 23rd July, 2015
Customs duty Exemption on cut & polished diamonds imported by specified agencies in FTP
CHA license cannot be terminated for acts & omissions of his employees- HC
Rate of exchange of conversion of the foreign currency wef 17th July, 2015
Notification No. 67/2015-Customs (N.T.) Dated- 15th July, 2015 24
Anti-dumping duty on Glass Fibre and articles thereof imported from China
Anti-dumping duty on imports of Phenol, originating in or exported from South Africa
Anti-dumping duty on imports of steel and fibre glass measuring tapes and their parts
In case of confiscated goods assessee liable to pay duty only if he exercise option to redeem – SC
Rate of exchange of conversion of the foreign currency with effect from 03rd July, 2015
Notification No. 65/2015-Customs (N. T.), Dated : June 30, 2015
Notification No. 64/2015-Customs (N.T.) Dated: 30/06/2015
Mentioning Correct provisions of law in SCN mandatory for invoking any charge against assessee – HC
Customs Valuation: Mark up by 1% on account of Handling, Loading and Unloading Charges
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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