Custom Duty
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Budget 2012 – Industry wise Changes in Custom Duty rates
Baggage Allowance Increased to Rs. 35,000
Basic Customs Duty Reduced in Agriculture & Relataed Sectors
Full Exemption from Basic Customs Duty Given to Certain Infrastructure Sectors
Concessions and Exemptions Extended to Energy Saving Devices, Plants and Equipments Required for Solar Thermal Projects
S.129(6) of the Customs Act – Ex-Tribunal Members Cannot Practice Before Tribunal – SC
Notification No. 19/2012-Customs (N. T.) amending notification No. 36/2001-Customs (N.T.) dated, the 3rd August, 2001
Customs : Regarding ‘Handling of Cargo in Customs Areas Regulations, 2009’
Regarding Ban on export of Cotton (Tariff Code 5201 and 5203) -Circular No. 08/2012-Customs
Notification No. 08/2012-Customs Dated: 09.03.2012
Regarding extension of Status Holder Incentive Scrip (SHIS) scheme upto 31.03.2013
Regarding Ban on export of Cotton (Tariff Code 5201 and 5203)- Circular No. 07/2012-Customs
Notification No. 09/2012-Customs Dated: 09.03.2012
Regarding ban on export of Cotton (Tariff Code 5201 and 5203)
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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