Custom Duty
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Rescinds Notification No. 33/2006-Customs, dated the 7th April, 2006 vide Notification No. 33/ 2011- Customs,
Rate of exchange of conversion of each of the foreign currency with effect from 1st April, 2011
2 customs officers nabbed in anti-graft exercise
Clarifications regarding changes introduced through the Customs Notifications issued on 24-3-2011
Amends notification no. 20/2006 – Seeks to exempt certain specified goods from special CVD leviable on imported goods vide Notification No. 32 /2011-Customs
Amends notification no. 21/2002 – Effective rate of duty on import of goods vide Notification No. 31/ 2011-Customs
Basic Custom Duty Reduced from 30% to 5% on Raw Silk AD Valorem
Regarding Monitoring of food import from Japan for radioactive contamination
Conversion of Shipping Bill – Nothing is simpler in this country
Applicability of indirect taxes on packaged software – Circular No. 15 /2011-Customs Dated- 18th March 2011
Monitoring of food import from Japan for radioactive contamination- Custom Instruction
Anti-dumping duty imposed on Chinese glass ware
Notification No. 23/2011-Customs (N.T.) Dated: 15/03/2011
No drawback on the goods exported to Nepal which were imported into India from third countries
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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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