Custom Duty
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Notification No. 43/2013-Customs – Dated 13th September, 2013
Customs Duty Free Allowance Limit & Duty rate for Pasasngers
Seeks to impose anti dumping duty on imports of Zinc Oxide, originating in, or exported from,China for a further period of five years
Notification No. 20/2013-Customs (ADD), dated 6th September, 2013
Classification of “Bluetooth Wireless Headset for mobile phones / cell phones” under harmonised Customs Tariff – regarding
Circular No. 35/2013-Customs Dated- 5th September, 2013
Rate of exchange of conversion of each of the foreign currency with effect from September 06, 2013
Notification No. 94/2013-Customs (N.T.) Daed – 4th September, 2013
Import of Gold and Gold Dore Bars- Procedure and Guidelines
Notification No. 93/2013 – Customs (N.T.), New Delhi, 30th August, 2013
Notification No. 42/2013-Customs – Regarding amendment of notification no 39/96-cus
Rate of exchange of conversion of each of foreign currency WEF August 30, 2013
Govt increases tariff value of Gold to USD 461 for Import
Customs Baggage Declaration Regulations, 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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