Custom Duty
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Rate of exchange of conversion of each of foreign currency WEF 2nd April, 2015
Post Export EPCG Scheme under FTP 2015-2020
EPCG Scheme under FTP 2015-2020
Facility for suo moto payment of customs duty in case of bona fide default in export obligation under Advance / EPCG authorisations – reg.
Circular No. 10/2015-Customs Dated 31st March, 2015
Custom Duty Exemption to Pulses extended to till 1st October 2015
Antiquities intended for public exhibition in a museum or art gallery exempted from Customs duties
Online message exchange between Customs and other regulatory agencies – reg.
Notification No. 34/2015-Customs (N.T.) Dated- 31st March, 2015
Notification No. 13/2015-Customs dated the 30th March, 2015
Import of Second Hand Tyres for direct use– Regarding
Rate of exchange of conversion of each of foreign currency WEF 26.03.2015
Import of sub standard Steel and Steel Products not permitted
CBEC calls for data for All Industry Rates (AIR) of Duty Drawback for year 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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