Custom Duty
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Budget 2014 – Chapterwise Changes in Customs & Central Excise duty
Steel and Steel Products (Quality Control) Order 2012-implementation – regarding
Notification No. 29/2014-Customs (ADD) Dated: 04.07.2014
Rate of exchange of conversion of each of foreign currency WEF 04.07.2014
Amends Notification No. 36/2001-Customs (N.T.), Dated: the 3rd August, 2001
CBI arrests Custom Superintendent for demanding & accepting bribe
Rate of exchange of conversion of each of foreign currency WEF 20.06.2014
Anti dumping duty to continue om import from China of all kinds of plastic processing or injection moulding machines
Amends Notification No. 36/2001-Customs (N.T.), Dated the 3rd August, 2001
Notification No. 27/2014-Customs (ADD) Dated: 13.06.2014
Notification No. 26/2014-Customs (ADD) Dated: 13.06.2014
Clarification on Renewal of Customs Brokers licenses
Custom Superintendent from Chennai jailed in disproportionate assets case
Notification No. 25/2014-Customs (ADD) Dated: 09.06.2014
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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