Custom Duty
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Custom Exemption to dredgers -Notification No. 20/2012-Customs
Exemption to dredgers – Notification No.19/2012-Customs
Project Imports Regulations – Certain new items added
Project Imports – Certain new items added – Notification No . 42/96-Customs, dated the 23rd July, 1996, amended
Custom Duty Exemption to goods imported for manufacture of certain finished goods
Exemption from Customs Duty – Minor changes in Notification No. 25/2005-Customs, dated the 1st March, 2005
Secondary and Higher Education Cess on CVD exempted
Notification No. 13/2012-Customs Dated-17th March, 2012
Rate of Custom Duty on 521 items
Exemption to goods used for armed forces – raw material for bullet proof helmets added – Amends Notification No. 39/96-Customs, dated the 23rd July, 1996
A wrong Public Notice No. mentioned in Notification No. 27/2011- Customs, dated the 1st March, 2011, is corrected
Budget 2012 – Important changes in respect of Custom Duty
Budget 2012- Chapterwise Explanatory Notes (Customs)
Budget 2012 – Amendments In Customs Duty provisions
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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