Custom Duty
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Authority for sanction and disbursement of drawback claims on supplies made by DTA units to units located in SEZ
Assessee contributing to delay in legal proceedings not eligible for remedy – HC
FTP 2015 2020- Changes in incentive / advance authorization or DFIA / EPCG or post export EPCG
Notification No. 27/2015-Customs, Dated: April 17, 2015
Notification No. 14/2015-Customs (ADD) Dated- 17th April, 2015
Notification No. 40/2015 Customs (N.T.), dated 16 April, 2015
Notification No. 39/2015 – Customs (N.T.) Dated 16 April, 2015
Anti-dumping duty on import of Acetone, originating in or exported from Chinese Taipei and Saudi Arabia
Rate of exchange of conversion of each of foreign currency wef 17.04.2015
Notification No. 37/2015-CUSTOMS (N.T.) Dated- 15th April, 2015
Export obligation ought to be completed by EOU even if goods were first sent to another unit and from that another unit the export was effected
Setting up of ‘Customs Clearance Facilitation Committee’ (CCFC) – reg.
Anti Dumping Duty on Recordable Digital Versatile Disc [DVD]
Resurrection of Anti Dumping Duty on import of ‘Electrical Insulators of Glass or Ceramics/Porcelain from China
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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