Custom Duty
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Regarding Exemption to goods when imported into India from Japan
Seeks to amend the notification No. 39/96 – Cus, dated 23rd July, 1996 to provide duty exemption to Project ASTRA
Notification No. 02/2013-Customs (ADD), Dated 22nd March, 2013
Exchange Rate of conversion of each of foreign currency wef 22.03.2013
Notification No. 30/2013-Customs (N.T.), Dated- 15th March, 2013
Amendments in the Customs Notification No. 61/1994(NT) dated 21/11/1994 regarding CUSTOMS AIRPORTS
CBI arrests Commissioner of Customs at Mumbai in Bribery Case
Rate of exchange of conversion of each of foreign currency WEF 08.03.2013
Procedure for Setting up of Public/Private Bonded Warehouses for Gems & Jewellery Sector
Post Export EPCG duty credit scrip(s) Scheme and certain other changes related to Foreign Trade Policy 2009-14 – Reg.
Norms for Execution of Bank Guarantee in respect of Advance Authorization, DFIA, EPCG Schemes – reg.
Budget 2013-14- Many Concessions in Customs Duty
Amendment under SAFTA -Notification No.27/2013 – Customs (N. T.) Dated 01.03.2013
Notification No.26/2013 – Customs (N. T.) Dated 1st March, 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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