Custom Duty
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Comments invited from trade and industry for ‘On-Site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011’
Regarding exemption to specific goods when imported into India from Japan – Notification No. 69/2011-Customs
Amends Notification No. 46/2011-Customs, dated the 1st June, 2011 vide Notification No. 68/2011-Customs
Regarding Making E-payment of Customs duty mandatory -Circular No. 33/2011-Customs
Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 54/2011 – Customs (N. T.)
Comments, views and suggestions solicited on draft ‘Customs (Provisional Duty Assessment) Amendment Regulations, 2011’ latest by 13th August, 2011
Notification No. 69/2011-Customs dated the 29th July, 2011
Custom Duty – Provisions of Finance Act, 2011 (8 of 2011) will come in force from 1st day of August, 2011
Regarding anti- dumping duty on certain Rubber Chemicals originating in, or exported from, certain countries- Notification No.67 /2011-Customs
Rate of exchange of conversion of each of the foreign currency with effect from 1st August, 2011
Regarding Classification of Palm Stearin – Circular No.31/ 2011-Customs
Regarding anti dumping duty on Poly Vinyl Chloride Paste Resin, originating in, or exported from, People’s Republic of China, Japan, Republic of Korea, Malaysia, Russia, Taiwan and Thailand – Notification No.66 /2011-Customs
Custom – Cess not payable on on export of Lac/shellac
Notification No.66/2011-Customs, Dated- 26th July, 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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