Custom Duty
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Budget 2011- Brief Notes on all amendments in Custom Duty Act and Tariff Act
Custom Duty- Rate of interest fixed at 18 Percent – Notification No. 18/2011-Customs (N.T.)-Cus(NT)
Custom Duty- Rate of interest fixed at 18%amp;- Notification No. 17/2011-Customs (N.T.)-Cus(NT)
Custom Duty Notification Prohibits import of Acetate tow and Filter Rod except use in manufacturing of specified goods
Notification No. 15/2011-Customs (N.T.), Dated: 01/03/2011
Notification No. 27/2011-Customs, Dated-1st March, 2011
Custom Duty – Exempts work of art imported for exhibition in a public museum or national institution
Notification No. 25/2011-Customs Dated: 01/03/2011
Notification No. 24/2011-Customs Dated: 01/03/2011
Amends notification no. 29/2010 – Exemption from special CVD (additional duty of customs) on specified goods
Notification No. 22/2011-Customs Dated: 01/03/2011
Amends notification no. 21/2002 – Effective rate of customs duty on import of goods
Notification No. 20/2011-Customs, Dated: 01/03/2011
Custom Duty – Amends notification no. 23/2010
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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