Custom Duty
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Tariff concessions on goods covered under CECA between India & Singapore
Rate of exchange of conversion of each of foreign currency WEF .02.01.2015
Customs duty exemption on Chickpeas extended till April 1, 2015
Notification No. 49/2014-Customs (ADD) Dated: 31.12.2014
Notification No. 117/2014-Customs (N.T.), Dated: 31.12.2014
Royalty paid on sale value of manufactured goods is not required to be loaded on invoice price of imported raw material
Introduction of 24×7 Customs clearance facility at Specified Sea Ports and Air Cargo Complexes
Notification No. 04/2014-Customs (SG) Dated: 31.12.2014
Revision in rates of Basic Customs Duty on goods imported from ASEAN countries
Revision in rates of Basic Customs Duty on goods imported from Malaysia
Revision in rates of Basic Customs duty on goods imported from Japan
Tariff concessions in respect of specified goods imported from Korea RP
Education cess on clearing of goods fully exempt from Customs duty
Classification of goods precedes over the determination of rate of duty or any exemption applicable to the goods
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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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