Custom Duty
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Regarding Import of Ammonium Nitrate-Compliance of Ammonium Nitrate Rules, 2012
Notification No. 14/2014-Customs (N.T.) Dated 28th February, 2014
Customs Baggage Declaration Regulations 2013 – implementation thereof-reg
Safeguard duty on imports of Sodium Nitrite into India
Reg. Plan to monitor cases where export obligation period and time prescribed for furnishing evidence of fulfilling of EO are over
Notification No. 07/2014-Customs, Dated- 24th February, 2014.
No Proposal to modify Customs Rules Regarding Carrying/Wearing Gold for Passengers Flying from Abroad to India
Rate of exchange of conversion of each of the foreign currency with effect from 21th February, 2014
Interim Budget 2014 – Amendment in Custom Duty
Amends Notification No. 40/2012-Customs (N.T.), Dated: 02.05.2012
Custom Duty Concession to capital goods imported by Bank Note Paper Mill India Private Limited
Budget Notification providing Exemption from Custom Duty on various goods
Amends Notification No. 36/2001-Customs (N.T.), Dated: 03.08.2001
Notification No. 10/2014-Customs (N.T.) Dated: 10.02.2014
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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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