Custom Duty
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Custom Notification No. 112/2010-Cus dated -28-10-2010
Revised Form of Bond to be furnished for availing duty exemption under Advance License and EPCG Schemes
Regarding continuation of anti-dumping duty on imports of 1-Phenyl-3-Methyl-5-Pyrazolone originating in, or exported from, Peoples Republic of China
Exchange Rate notification for Import / Export of goods with effect from 1st November, 2010
Regarding continuation of anti-dumping duty on imports of 1-Phenyl-3-Methyl-5-Pyrazolone originating in, or exported fro
Customs Notification No 110/2010 amends Notification No. 15/2007-CUSTOMS dated the 20th February, 2007
Notification No. 90/2010-Customs (N. T.), Dated: 16th October, 2010
Drawback on supplies made by DTA units to SEZ, issue of drawback cheque books by jurisdictional Commissioner of Customs to Central Excise Commissionerates
Notification No. 89/2010-Customs (N.T.)- Appoints Common Adjudicating Authority
Notification No. 88/2010-Customs (N.T.)- Appoints Common Adjudicating Authority
Classification of “CD ROM” containing images or drawings and designs of engineering goods
Rescinds Notification No. 46/2010-Customs, dated the 12th April, 2010 vide Notification No. 109/2010– Customs
Reg. Anti dumping duty on imports of Narrow woven fabrics having pile weave
Rescinds Notification No. 59/2010-Customs, dated the 10th May, 2010, CUSTOMS Notification No 107/2010, 01-10-2010
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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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