Custom Duty
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Notification No. 101/2013-Customs (N.T.) Dated: 27/09/2013
Notification No. 46/2013-Customs Dated: 26/09/2013
US Rules in Favour of India in Countervailing Duty Investigation on Frozen Shrimp exports from India
Amends exchange rate notification no. 95/2013-Customs (N.T.), w.e.f. 20th September, 2013
Customs Duty on Articles of Jewellery and of Goldsmiths’ or Silversmiths’ Wares Revised from 10 % to 15%
Amends Duty Free Import Authorisation (DFIA) notification No. 98/2009-Customs
Regarding revising the customs duty rate on articles of gold and silver jewellery and goldsmiths and silversmiths ware
Guidelines for Arrest and Bail in relation to offences punishable under Customs Act, 1962- reg
Instructions reiterating compliance of International Standards for Phytosanitary Measures (ISPM-15) in respect of wood packaging material by exporters
Rate of exchange of conversion of each of the foreign currency w.e.f. 17th September, 2013
Duty Drawback Rates wef 21.09.2013 – Clarification
Revised Rates of Duty Drawback Effective from 21st September, 2013
To amend Customs, Central Excise Duties & Service Tax Drawback Rules 1995
Tariff Rate of Gold, Silver , Pal Oil etc wef 13th September 2013
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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