Custom Duty
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Appointment of Common Adjudicating Authority –
Regarding refund of 4% Additional Duty of Customs (4% CVD) in terms of Notification No. 102/2007-Customs dated 14.09.2001
Seeks to amend notification no. 119/2010-Customs, dated 19th November, 2010 so as to revoke anti dumping duty on subject goods originating in or exported from Saudi Arabia
Amends Notification No.27/2011-Customs, dated the 1st March, 2011- Notification No. 129/2011 – Customs
Amends notification no. 53/2011-Cus dated 1-7-2011 so as to effect HSN changes as well as to provide deeper tariff cut to Malaysia
Imports from ASEAN Countries – Rates Reduced – Notification No. 127/2011-Customs
1 Percent Customs Duty for Imports from Brunei Darussalam – Notification No. 126/2011-Customs
Concessional Customs Duty for Imports from Pakistan and Sri Lanka
Notification No. 124/2011-Customs dated 30.12.2011
Amends notification no. 152/2009-Cus dated 31-12-2009 so as to provides deeper tariff cuts as agreed under India-Korea CEPA and effects HSN changes as well
Amends Notification No.151/2009-Customs, dated the 31st December, 2009 so as to effect HSN changes.
Amends notification no. 28/1995-Cus dated 16-03-1995, 105/1999-Cus dated 10-08-1999, 26/2000-Cus dated 15-03-2000, 76/2003-Cus dated 13-05-2003, 72/2005-Cus dated 22-07-2005, 57/2009-Cus dated 30-05-2009 so as to effect HSN changes
Amends Notification No. 21/2002-Customs, dated the 1st March, 2002 – Notification No. 120/2011-Customs
Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds
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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