Custom Duty
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Notification No. 11/2012-Customs (ADD) New Delhi, Dated: 24.01.2012
Notification No. 10/2012-Customs (ADD) dated the 24th January, 2012
Rescinds Notification No. 91/2011-Customs, dated the 20th September, 2011
35 Customs and Central Excise Dept officers selected for Presidential Award
Notification No. 06/2012-Customs (N.T.), Dated: 19th January, 2012
Seeks to notify Refund of Anti-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012
Customs – Seeks to impose safeguard duty at the rate of 10% ad valorem, on Phthalic anhydride
Further amends Notification No. 21/2002-Customs, Dated: 01.03.2002
Seizure of Idols/Statues of 9th to 12th Century AD believed to be Antiques
Change in Tariff Value of Gold and Silver Notified – Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001
Increase in customs duty on Gold and silver in any form when imported into India by an eligible passenger
Increase in customs duty on Silver and Gold in any form imported into India, other than through post, courier or baggage
Further amends Notification No. 21/2002-Customs, Dated: 01.03.2002
Regarding Refund of 4% CVD (SAD)-Extension of time upto 31st March 2012, for using re-credited 4% CVD (SAD) amount in DEPB
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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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