Custom Duty
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Draft Scheme of on Site Audit in context of Post Clearance Audit (PCA) for Imports
Exempts goods in relation to generation of power using non-conventional materials – relaxation to projects promoted by states
Regarding anti dumping duty on Polypropylene originating in, or exported from, Oman, Saudi Arabia and Singapore
Antidumping duty on import of bias tyres, tubes and flaps originating in, or exported from, People’s Republic of China (China PR) and Thailand
Tariff Value of Edible Oils, brass scrap and Poppy Seeds Notified
Notification No. 97/2010 – Customs (N. T.) – Notifies Tariff Value of Edible Oils, brass scrap and Poppy Seeds
Amends ‘Handling of Cargo in Customs Areas Regulations, 2009’
Amends Notification No. 15/2002-Customs( N.T.), dated the 7th March, 2002 appointing Common Adjudicating Authority
Enforcement of statutory measures (Phytosanitary requirement) for import of food grains before release of consignments by the Customs authorities
Notification No. 94/2010 – Customs (N.T.) dated 03.11.2010
Amends Notification No.23/2006-Customs, dated the 6th March, 2006 vide Notification No. 114/2010-Customs
Rescinds Notification No. 105/2008-Customs, dated the 18th September,2008 vide Notification No. 113/2010– Customs
Exempts Crude Petroleum oils and oils obtained from bituminous minerals, when imported into India from Brunei Darussalam
Notification No. 115/2010-Cus dated -01-11-2010- Amends Notification No.153/2009-Customs, dated the 31st December, 2009
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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