Custom Duty
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Clarification on Withdrawal of duty exemption of goods required for initial setting up or substantial of Mega/ Ultra mega power projects
Rates of customs duty for goods imported under SAARC Free Trade Agreement (SAFTA)
Rate of exchange of conversion of each of foreign currency WEF 07th September, 2012
Verification mechanism & monitoring of export obligation under duty exemption/ reward Schemes- reg
HC jailed Top Custom Authorities for ‘Contempt of Court’
E-payment of Customs duty mandatory wef 17.09.2012
Regarding SC order relating to Ship-breaking & proposed Recycling Code
Notification No. 79/2012-Customs (N. T.) – Tariff of Gold Silver, Crude Palm Oil etc
Anti-dumping duty on imports of Metronidazole, originating in, or exported from China
Applicable rate of CVD on imported Fertilizers-regarding
Receipt of order by nephew can’t be a ground to condone delay in appeal filing
Procedure for disposal of unclaimed/ uncleared cargo u/s. 48 of Customs Act, 1962, lying with custodians
Notification No. 78/2012-Customs (N.T.), Dated: 27.08.2012
Notification No.77/2012-Customs (N.T.), Dated: 27.08.2012
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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