Custom Duty
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Notification No. 36 /2011-Customs – Regarding anti-dumping duty on the imports of Acetone originating in, or exported from, Thailand and Japan
Regarding Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010
Import of New trim Cutting Waste for use in manufacture of Chindi rugs – Circular No. 20/2011-Customs
Compliance of DGFT Notification No. 44 (RE-2000)/1997-2002 dated 24.11.2000 – Labeling of goods in bond prior to Ex-bond clearance
Regarding exemption to goods falling under Chapter 31 of First Schedule to the Customs Tariff Act, 1975 (51 of 1975)
Amendment in Notification No. 21/2002-Customs, dated the 1st March, 2002 vide Notification No. 34 /2011 – Customs
Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 31/2011-CUSTOMS (N. T.)
Regarding adjudication of appraising related Show Cause Notices
India Post to provide details online of parcels held by custom
Amends Notification No. 61/94-Customs (NT) – Customs airports — Appointment for specified purposes
CBI arrests Inspector of Central Bureau of Narcotics in bribery case
Section 75 of the Custom Act, 1962 Amends Customs, Central Excise Duties and Service Tax Drawback Rules, 1995
Knitwear exporters urges to impose 15 per cent duty on export of cotton yarn
Regarding Revision in the Customs part of Arrival Card for Passengers in Form ‘D’ –Notification issued by Ministry of Home Affairs – Compliance
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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