Custom Duty
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Notification No. 100/2011-Customs, Dated-14th November, 2011
Amends the existing baggage Rules by extending the benefit to passengers coming from Bhutan and Nepal also -Notification No. 77 /2011-Customs (N.T.)
Customs – Regarding Location of Foreign Exchange Counters at International airport
Regarding Customs Tariff classification of TV Tuners used with ADP machines of Harmonised Customs Tariff 8471
Customs duty exemption extended to least developed countries amongst the SAARC countries
Regarding Clearance of goods from Custom Bonded warehouses utilizing duty credit scrips of SFIS, VKGUY, FMS, FPS, SHIS
Need to Increase Trade Facilitation in Customs – FM
Amendment in notifications specifying all Industry Rates of Duty Drawback, 2011-12
Amendment in Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 related to tariff value of Crude Palm Oil, RBD Palm Oil etc
Amends Notification No.68/2011-Customs(N.T.) dated the 22nd September related to changes in all Industry Rates of Duty Drawback, 2011-12
Rate of exchange of conversion of each of the foreign currency with effect from 1st November, 2011
Circular No. 46/2011-Customs, Dated 20th October, 2011
Regarding Implementation of ‘On Site Post Clearance Audit’
Anti-dumping duty on MBTS in pursuance to suset Review investigation
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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