Custom Duty
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Change in Tariff Value of Gold Notified
3rd Corrigendum to Notification No.12/2012-Cus, Dated: 17.03.2012
Notification No. 23/2012-Customs (N.T.) Dated: 21.03.2012
Change in Tariff Value of Silver Notified
Seeks to amend Notification No. 12/2012-Customs, Dated: 17.03.2012
2nd Corrigendum to Notification No.12/2012-Cus, Dated: 17.03.2012
Notification No. 16/2012-Customs (ADD), Dated: 20.03.2012
Corrigendum to Notification No. 21/2012-Customs, Dated: 17.03.2012
1st Corrigendum to Notification No.12/2012-Cus, Dated: 17.03.2012
Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996, amended
Duty Fee Baggage Allowance for passengers above ten years enhanced to Rs. 35,000 from Rs. 25,000 and for those below ten years from 12,000 to 15,000
Acetate tow and Filter Rod – Exemption from Prohibition – Amendment to Notification No. 16/2011 Custom NT, Dated: 1.3.2011
Five Custom Notifications rescinded vide Notification No.22/2012- Customs
Notification No. 21/2012- Customs, Dated: 17.03.2012
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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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