Custom Duty
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Rate of exchange of conversion of Swiss Franc WEF 6th May, 2015
Exemption from CVD cannot be denied on not fulfilling the condition that Cenvat Credit not taken, when the Credit itself was not admissible
Refund amount must be shown as receivable to satisfy Bar of Unjust Enrichment
Notification No. 17/2015-Customs (ADD), Dated 1st May, 2015
Usage of Digital Signature Certificate in Remote EDI filing (RES) of Customs Documents – reg.
Notification No. 42/2015-CUSTOMS (N.T.), Dated: April 30, 2015
Rate of exchange of conversion of each of foreign currency wef 01.05.2015
Reduction in Custom duty on iron ore fines (below 58% Fe content)
Withdrawal of Exemption from additional duty of customs on certain entries
Changes in Custom duty rate on Sugar, Colemanite and other Boron ores, natural rubber, Digital Cameras & raw silk
Import duty on sugar increased from 25 percent to 40 percent
Notification No. 16/2015-Customs (ADD) Dated 22nd April, 2015
Notification No. 15/2015-Customs (ADD) Dated 22nd April, 2015
Setting up of ‘Customs Clearance Facilitation Committee’ (CCFC) at JNCH
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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