Custom Duty
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Notification No. 02/2014-Customs Dated: 20/01/2014
Regarding exemption to materials imported into India against Advance Authorisation
Notification No. 05/2014-Customs (ADD) Dated: 16/01/2014
Notification No. 04/2014-Customs (ADD) Dated: 16/01/2014
Notification No. 03/2014-Customs (ADD) Dated: 16/01/2014
Customs : Rates of exchange applicable from January 17, 2014
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001
Whether Additional Duty exemption can be claimed if the goods are cleared from SEZ to DTA on stock transfer basis
Customs : Regarding Classification of “Transmission shafts / Power takeoff (PTO) shafts” in HS Harmonised Customs Tariff
Customs : Classification of Human Embryo – regarding
No exemption of SAD on goods cleared from SEZ/FTWZ
Seeks to amend notification No. 121/2009- Customs dated 30th October, 2009 so as to change the name of a producer/ exporter
Notification No. 01/2014-Customs (ADD) Dated: 03/01/2014
Rate of exchange of conversion of each of the foreign currency wef 3rd January, 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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