Custom Duty
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Notification No. 66/2013-Customs,(N. T.), Dated: June 24, 2013
Customs House Agents Licensing Regulations, 2013
Customs – Drawback rates changed for Gold Jewellery Article
Rate of exchange of conversion of each of foreign currency w.e.f. June 21, 2013
Notification No. 33/2013-Customs, Dated – June 19, 2013
Notification No. 62/2013-Customs (N.T) regarding tariff value of Gold , Silver etc
Customs – FTP related amendments with respect to computation of incremental growth
Rate of exchange of conversion of Danish Kroner WEF June 14, 2013
Rate of exchange of conversion of each of the foreign currency with effect from June 13, 2013
Rate of exchange of conversion of each of foreign currency e.e.f. June 07, 2013
Rate of Customs duty on import of gold increased from 6% to 8% w.e.f. 05.06.2013
Rate of exchange of conversion of each of the foreign currency with effect from June 06, 2013
24×7 Customs Operation at Major Ports and Airports – reg.
Change in Tariff Value of Gold Notified wef 31.05.2013
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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