Custom Duty
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CCE Vs. M/s. Living Media India Pvt. Ltd. – Supreme Court
Amends Notification No.55/2008-Customs, dated the 28th April 2008 – Notification No.75 /2011-Customs
Notification No.74/2011-Customs, Date- 12th August, 2011
Tariff Values of Edible Oils, Brass Scrap (All Grades) and Poppy Seeds Notified -Notification No.57/2011-Customs (N.T.)
Waiver from the requirement of Bank Guarantee in respect of EOUs – Amendment to Circular No. 54/2004-Customs dated 13.10.2004 – reg
CBEC requiress Advocates for empanelment as Senior/Junior Standing Counsels to represent before Bombay HC
Custom Duty Notification Regarding reports of illegal imports of pesticides by some traders
Amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 92/2007-Customs, dated the 3rd August, 2007
Amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 85/2006-Customs, dated the 29th August, 2006
Seeks to impose provisional anti-dumping duty on Opal Glassware, originating in, or exported from, People’s Republic of China and UAE
16 Imported Luxury Cars Seized between April,2011 to July 2011 for evasion of duty of Rs.4.87 crores
Notification No. 70/2011-Customs, Dated-5th August, 2011
Regarding Prohibition on Carrying rice in baggage by air passengers travelling to USA
Custom Duty – Amends Notification No.16/2011-Customs(N.T) dated the 1st March, 2011
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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