Custom Duty
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Reg. Exchange rate for calculation of anti-dumping duty on Para nitroaniline
Amends Notification No. 20/2006-Customs, dated the 1st March, 2006 vide Notification No. 87/2011-Customs
India to Reduce Tariff Lines under Sensitive List by 20% by Next Month
Amends Notification No. 14/2010-Customs, dated the 20th February, 2010
Notification to extend the exemption to some additional goods when imported from Least Developed member-countries of SAARC under SAFTA
Corrigendum to Board’s instruction Regarding export of Pan Masala-Gutkha packed in plastic sachet by 100% EOU
Regarding Self-Assessment in Customs
Custom Duty – Regarding extension of terminal date of basic custom duty exemption on raw sugar and white/refined sugar
Customs – On-site Post Clearance Audit (OSPCA) – CBEC Chairman Allays Apprehensions
Regarding Export of Pan Masala-Gutkha packed in plastic sachet by 100% EOU -Application of provisions of Plastic Waste Management and Handling Rules, 2011
Regarding imposing safeguard duty on N1, 3-dimethyl butyl-N’phenylenediamine
Notification No.63/2011-Customs (N.T.) dated August 30, 2011- Tariff Values of Edible Oils, Brass Scrap (All Grades) and Poppy Seeds Notified
Custom Duty – Rate of exchange of one unit of foreign currency equivalent to Indian rupees for the Month of September, 2011
Amends Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994 thereby declaring Silghat as an LCS
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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