Custom Duty
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Rescinds notification no. 31/2010 – Exemption to packaged software from custom duty- vide Notification No. 126/2010-Cus
No exemption from custom duty for goods brought in without valid licence
Revenue Collections from Indirect Taxes Increases by 42.3 percent During April – November 2010
Indian Customs – Tariff Notification No. 124/2010 – Amends Notification No.97/2009-Customs, dated the 11th September, 2009
Notification No. 100/2010-Customs (N.T.) dated 15.12.2010
Anti Dumping Duty on parts/components of Compact Fluorescent Lamps (CFL) from China and Hong Kong as per Customs Notification No.138/2002-Customs dated 10.12.2002 – Regarding
Seeks to provide provisional assessment of import of Bus and Truck Radial Tyres exported by certain companies of china PR
Notification No. 121 /2010-Customs dated 1st December, 2010
Notification No. 120 /2010-Customs Dated- 1st December, 2010
CBEC Releases Draft Scheme of Authorised Economic Operator for Inviting Suggestions
Tariff value for brass scrap and poppy seeds modified – Notification No. 99/2010 Dated, November 30, 2010
Classification of PXI Controllers, Input/Output Modules, Signal Converters and Chassis and its parts-regarding
Amount Collected as Education CESS during the last three years from direct and indirect taxes
Exchange Rate notification for Import / Export of goods with effect from 1st December, 2010
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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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