Custom Duty
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Penalty not leviable if incorrect claim admitted by assessee on pointing out the same by the audit and the mistake was bonafide
Rate of exchange of conversion of foreign currency WEF 19th June, 2015
Courier Imports and Exports (Clearance) Amendment Regulations, 2015
Notification No. 39/2015-Customs Dated-16th June, 2015
Types of Duties under Customs
Notification No. 38/2015-Customs Dated-15th June, 2015
Notification No. 61/2015-Customs (N.T.) Dated- 15th June, 2015
Anti-dumping duty on imports of Nylon Tyre Cord Fabric
Goods may be liable for confiscation when value of export goods in invoices is exaggerated
Anti-dumping duty on imports of Vitamin E
Seeks to exempt from customs duty goods required for National AIDS Control Programme funded by GFATM
Revision of Handbook of Procedures -Changes/ amendments in EOU/EHTP/STP/BTP Schemes-reg
Regarding Appointment of common adjudicating authority -Guidelines for Principal DG, DRI
Notification No. 60/2015-Customs (N.T.) Dated: 04/06/2015
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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