Custom Duty
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Seeks to rescind Notification No.1/2012-Customs (SG), Dated: 17.01.2012
GPF and SDS Interest Rates Revised for Financial Year 2012-13
Government Hikes Drawback on Gold and Silver – Notification No. 46/ 2012 – Customs (N.T.)
Rate of exchange of conversion of each of foreign currency wef 25th May, 2012
Regarding inclusion of Sea Port KARAIKAL (Union territory of Puducherry) in the list of ports permitted for exports and imports under Export Promotion
Rate of exchange of conversion of each of the foreign currency with effect from 22nd May, 2012
Anti Dumping Duty on White Cement – Notification No. 28/2012-Customs (ADD)
GST, Dual GST – Meaning, Provisions & Applicabilty
Import Duty on Power Equipments
Anti Dumping Duty on Zinc Oxide – Notification No. 27/2012-Customs (ADD)
Handling of Cargo in Customs Areas Regulations, 2009 – Amended
Tariff Value – Hike in Brass Scrap; Decrease for Gold and Silver
Amends Notification No. 36/2001-Customs(N.T) Dated: 03.08.2001
Anti Dumping Duty on Tyre Curing Presses from China
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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