Custom Duty
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Regarding Implementation of ‘Self-Assessment’ in Customs – Circular No.17/2011- Customs
Amends Notification No. 12/97-Customs (N.T.), dated the 2nd April, 1997 vide Notification No. 28/ 2011 – Customs (N.T.)
Misuse of Duty Free Credit Entitlement Certificate Scheme by M/s. V.K. Udyog Ltd.
ICC says World Cup trophy with Indian team is original
World Cup replica with Indian team, says BCCI source
CBEC Clarification on ICC Cricket World Cup 2011 Trophy
Customs captures cricket World Cup 2011 trophy
Seizure of 6110 Kgs. Of Red Sanders Wood Having Total Seizure Value Rs. 69.94 Lakh
Govt likely to slap 60pc sugar import duty from today
Duty Drawback Claim – Export Valuation – Initial burden to establish that value mentioned by exporter is incorrect lies on the Revenue
Appoints Common Adjudicating Authority- Notification No. 27/2011-Customs (N.T.)-Cus(NT) dated -01-04-2011
Amends regulation – Courier Imports and Exports (Electronic Declaration and Processing) Regulations
Regarding compliance for revision in the Customs part of Arrival Card for Passengers in Form ‘D’ – Notification issued by Ministry of Home Affairs
Notification No. 25/2011 – Customs (N. T.) amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001
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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