Custom Duty
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Seeks to amend notification No. 39/96-Customs, dated the 23rd July, 1996 so as to omit the words ‘Portable X-ray machine/system’ and to provide exemption for goods imported by NTRO
Reg. Levy of secondary and higher education cess on CVD portion of customs duty leviable on imported IT products
Reg. levy of education cess on CVD portion of customs duty leviable on imported IT products
Seeks to amend notification No. 10/2008 Customs, dated the 15th January, 2008 so as to delete tariff item 3903 19 90 in respect of CECA
Customs -Increase in variation levels in respect of reimport of cut and polished diamonds
Govt. increases Custom duty on export of Bauxite from 10% to 20%
Custom Duty reduced to 5% and CVD to Nil on machinery for initial setting up of solar energy production projects
Custom Duty reduced to 5% on machinery required for setting up of compressed bio-gas (Bio-CNG) projects
Notification No. 12/2014-Customs, Dated: 11.07.2014
Notification No. 11/2014-Customs Dated: 11.07.2014
Reg. levy BCD @ 10% on specified telecommunication products not covered under ITA
Resident private limited company specified as class of person for the purpose of Advance Ruling
Customs – Baggage (Amendment) Rules, 2014
Budget 2014-15 – Amendment in Custom Duty Provisions
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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