Custom Duty
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Requirement of import permit / registration with / from CIB & RC for import of substances listed in the schedule 3 of the Insecticide Act, 1968, for non-insecticidal use under Insecticides Act, 1968
Notification No. 49/2011-Customs, Dated: 21/06/2011
Custom Duty – Regarding timely intimation to Board and correspondence with other Ministries / Departments on policy matters
Appointment of Common Adjudicating Authority – Notification No. 39/2011-Customs (N.T.)
Govt starts anti-dumping probe against digital plate imports from Japan and China
Notification No. 48/2011-Customs, Dated: 15/06/2011
Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 38/2011 – Customs (N. T.)
Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified – Notification No.38/2011-Customs (N.T.) dated June 15, 2011
Notification No. 47/2011-Customs, Dated: 14/05/2011
Corrigendum – Seeks to supersede Notification No.153/2009-Customs, dated 31.12.2009 and to provide duty concessions to Philippines and other ASEAN countries in view of ASEAN- India FTA (AIFTA)
Instructions regarding Monitoring of fresh Fruit and Vegetable Import from Europe for E.Colli bacterial contamination
Notification No. 46/2011-Customs, Dated: 01/05/2011
Notification No. 45/2011-Customs, Dated: 01/06/2011
Revision in the powers of adjudication of the officers of Customs – Circular No.24/2011-Customs – Dated 31st May, 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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