Custom Duty
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Amendment in Concessional Duty rate of Goods imported into India from Korea
Amendment in Duty rate of Goods imported into India from Japan
Revised list of Items for Custom Duty Concession when imported from ASEAN Countries
Duty Exemption to Crude Petroleum oils & oils obtained from bituminous minerals when imported from Brunei Darussalam
Amendment in Tariff value of Gold, Silver, Crude /RBD Palm Oil, Brass Scrap, Poppy seeds
Anti-dumping duty on the import of Phthalic Anhydride Korea RP, Taiwan and Israel
Notification No. 113/2012-Customs (N.T.), Dated: 21.12.2012
Notification No. 112/2012-Customs (N.T.), Dated: 21.12.2012
Regarding Custom Duty Exemption on import of Liquefied petroleum gases (LPG)
Anti-dumping duty on import of Choline Chloride from China
Regarding imposition of safeguard duty on imports of electrical insulator from China PR
Rate of exchange of conversion of each of foreign currency wef 21st December, 2012
New Tariff rate in respect of goods imported from Singapore
Notification of Dahanu Port for unloading of imported coal by M/s. Reliance Infrastructure Ltd.
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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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