Custom Duty
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Custom Duty – Amends notification no. 14/2004 – Scope of water supply project explained
Notification No. 17/2011-Customs Dated: 01/03/2011
Notification No. 18/2011-Customs, Dated: 01/03/2011
Notification No. 15/2011-Customs Dated: 01/03/2011
Notification No. 14/2011-Customs Dated: 01/03/2011
Notification No. 13/2011-Customs Dated: 01/03/2011
Custom Duty- Assessment under Project Import Regulations, 1986 – Requirement of cash security in lieu of bank guarantee
Customs Modernisation – Self-Assessment to be Introduced
Levy of customs duty on the ocean going vessel-Breaking/ scrapping purpose in terms of Notification No. 133/87-Cus
Seeks to amend the notification 39/1996-Cus ,dated the 23rd July, 1996,so as to extended the validity of exemption for ATV Programme (S.No.13) up to 31st December, 2015
Refund of 4 per cent CVD (SAD)-Extension of time upto 30th June, 2011 for using re-credited 4 per cent CVD (SAD) amount in DEPB
Regarding Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 -instructions for implementation
Amends Notification No. 208/77-Customs, dated the 1st October, 1977
Regarding Customs duty exemption benefit to BCCI – Circular No. 9/2011-Customs
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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