Custom Duty
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Rate of exchange of conversion of each of foreign currency WEF 18th January, 2013
Disposal of firearms imported as baggage under transfer of residence – reg.
Custom Notification Regarding tariff on Ceramic products
Notification No. 03/2013-Customs (N. T.), Dated -15th January, 2013
Notification No. 2/2013- Customs (N.T.) – Dated 14th January, 2013
CBI Arrests Deputy Director Of DRI, Customs Superintendent In Alleged Bribery Case
CBI raids premises of four Customs officials in bribery case
Provisional safeguard duty on imports of Hot rolled flat products of stainless Steel 304 grade( up to a max width of 1605 mm) into India from China
Exchange Rate of Foreign Currency Relating to imported and Export Goods wef 4th January, 2013
Mere filing of Appeal does not operate as a stay or suspension of Order appealed against
Customs to install CCTV in Customs area for better security of imported & export goods
Replacement of FDRs in respect of provisional Mega or Ultra-Mega Power Projects with Bank Guarantee
Regarding Classification of Cordless Infrared Devices for Remote Control
Notification No. 68/2012-Customs, Dated: 31.12.2012
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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