Custom Duty
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CBEC notifies All Industry Rates of Duty Drawback for all items, including DEPB items
All Industry Rates of Duty Drawback, 2011-12
Amends Customs, Central Excise Duties and Service Tax Drawback Rules, 1995
Determines the rates of drawback in supersession of the notification No. 84/2010-Customs (N.T.), dated the 17th September, 2010
Seeks to specify “resident public limited company” – Notification No. 67 /2011-Cus (N.T.)
Amends Notification No. 133/2008-Customs, dated the 12th December, 2008
Seeks to continue anti-dumping duty on Rubber Chemical PX-13 (6PPD), originating in, or exported from, Korea RP
Seeks to impose anti dumping duty on Morpholine, originating in, or exported from, China PR, European Union and the United States of America, for a period of six months
Seeks to amend Notification No. 96/2008-Customs dated 13th August 2008, to provide deeper concessions under DFTP scheme for Least Developed Countries (LDCs)
Change in Exchange rate of Swiss Franc w.e.f. 16th Sept, 2011 – Amends Notification No. 62/2011 – customs (NT) dated 26-08-2011
Tariff Values of Edible Oils, Brass Scrap (All grades) and Poppy Seeds Notified – Notification No. 65/2011 – Customs (N. T.)
Custom Notification on Export of Non-Basmati Rice, Wheat and Onions
Customs Duty Exemption extended to goods imported for internal security operations and coastal security operations
Regarding Voluntary payment of custom duty before final assessment
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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