Custom Duty
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Notification No. 39/2014-Customs (ADD) Dated: 14.08.2014
Draft Circular pertaining to disposal of seized/confiscated cylinder filled with refrigerant gases
Seeks to extend the validity of notification No. 119/2010-Customs dated 19.11.2010 for a further period of one year
Seeks to levy safeguard duty on imports of Seamless Pipes and Tubes into India for a period of two and a half years
A Brief synopsis on Export Oriented Units
To notify the rate of interest to be paid on refund of Pre-deposit made under Section – 129E of the Customs Act, 1962
Zero Tolerance Against Corruption – Ms Nirmala Sitharaman
Notification No. 69/2014-Customs (N.T.) Dated: 08.08.2014
Notification No. 68/2014-Customs (N.T.) Dated: 08.08.2014
Notification No. 67/2014-Customs (N.T.) Dated: 08.08.2014
Notification No. 66/2014-Customs (N.T.) Dated: 08.08.2014
Notification No. 65/2014-Customs (N.T.) Dated: 08.08.2014
Notification No. 64/2014-Customs (N.T.) Dated: 08.08.2014
Notification No. 37/2014-Customs (ADD) Dated: 08.08.2014
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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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