Custom Duty
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Import of hazardous waste under Hazardous Waste (Management, Handling and Transboundary) Rules, 2008
Instructions Regarding issues relating to Customs clearance at International Airports in India
Continuation of DEPB scheme for three months beyond 30.06.2011 i.e. upto 30.09.2011–Reg
Notifies Customs Tariff (Determination of Origin of Goods Under the Preferential Trade Agreement Between the Governments of the Republic of India and Malaysia) Rules, 2011
Related to exemption of duty on import of Naphtha imported by M/s Haldia Petrochemicals Limited(HPL), for use in the manufacture of specified polymers
Provides tariff concession to specified goods imported from Malaysia under India-Malaysia CECA
Seeks to notify Customs Tariff (Determination of Origin of Goods under Comprehensive Economic Partnership Agreement between Republic of India and Japan) Rules, 2011
Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 –
Custom – Rate of exchange of conversion of each of the foreign currency with effect from 1st July, 2011
Notification related to Crude,Diesel, petrol and petroleum product – Notification No.52/2011-Customs
Customs Notification issued adding Philippines as A Country Covered under India and ASEAN PTA
Custom Duty – Seeks to extend DEPB scheme upto 30th September, 2011 thereby amending Notification No.97/2009-Customs, dated 11th September, 2009
Regarding imposition of definitive anti-dumping duty on import of sewing machine needles from China PR – Notification No. 50/2011-Customs
Regarding Issue of Custom House Agent License – Reference from field formations – Circular No.25/2011-Customs
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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