Custom Duty
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Notification No. 15/2012 – Customs (ADD) dated the 5th March, 2012
Publication of Daily Lists of Imports and Exports (Amendment) Rules, 2012
Revenue Intelligence Dept. unearthed duty evasion of Rs 50 crore
CBEC amends Notification No. 63/1994-Customs (N.T.), dated, the 21st November, 1994 – Notification No. 17/2012-Customs (N.T.)
Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994
Amends Notification No. 36/2001-Customs(N.T) dated 3rd August 2001 vide Notification No. 15/2012 – Customs (N. T.)
CG rescinds Notification No.30/2008-Customs, Dated: 03.03.2008
Rate of exchange of conversion of each of the foreign currency with effect from 1st March, 2012
Appointment of Common Adjudicating Authority – Notification No. 13/2012-Customs (N.T.)
Amends Notification No. 12/97 – Customs(N.T.), Dated: 02.04.1997
Reward for tax info should be reduced on the ground that amount of penalty cannot be determined
Custom Duty – Electronic Automatic Regulators would fall under Chapter sub-heading 9032.89 – SC
Customs – Regarding Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010
Regarding applicability of provisions of the Notifications No. 417 (E) dated 27.05.2011 on Molasses used in Hookah containing tobacco
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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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