Custom Duty
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Anti-dumping duty on imports of Viscose Filament Yarn
Anti-dumping duty on imports of Partially Oriented Yarn originating in, or exported from, China PR
Regarding Issue of ‘proper officer’ under the Customs Act, 1962
Customs – Regarding classification of Micro / Mini SD Cards
Seeks to amend Notification 21/2012 – Customs, Dated: 17.03.2012
Notification No. 39/2012 – Customs (N. T.) – Amends Notification No. 36/2001-Customs(N.T) dated 3rd August 2001
Seeks to amend Notification 69/2011 – Customs, dated 29-07-2011 thereby exempting specific goods when imported into India from Japan
Seeks to amend Notification 69/2011-Cus, dated 29-07-2011 thereby exempting specific goods when imported into India from Japan
Rate of exchange of conversion of each of the foreign currency wef 1st May, 2012
CBI Clarification in Case of Alleged Clandestine Silk Imports in Collusion with Senior Customs Officials
Confession of co-accused u/s. 108 Customs Act not admissible if he is not jointly tried with Petitioner
Notification No. 37/2012-Customs (N.T.) Dated: 23.04.2012
Appointment of Common Adjudicating Authority -Notification No.36 / 2012 – Customs (N.T.)
Notification No. 35 /2012 -Customs (N.T.) to amend Notification No.12/97-Customs (N.T.)
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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