Custom Duty
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Rescinds Notification No. 44/2010-Customs, dated the 9th April, 2010, CUSTOMS Notification No 106/2010, 01-10-2010
Amends Notification No 100/89-Customs, dated the 1st March, 1989, CUSTOMS Notification No 105/2010, 01-10-2010
Exempts specified goods when imported into India from Nepal, from the whole of customs duty subject to certain conditions
Amends Notification No.153/2009-Customs, dated the 31st December, 2009
Amends Notification No. 21/2002-Customs, dated the 1st March, 2002, CUSTOMS Notification No 102/2010, 01-10-2010
Seeks to amend noti.No.146/94-Customs dated 13.07.94 so as to modify conditions for shooting equipment imported by Renowned Shooters
CBEC Recommends imposition of provisional anti-dumping duty on all imports of DVD of all kinds originating in, or exported from Malaysia, Thailand and Vietnam
Provides Exemption to relief equipment imported by the Lille Fro Foundation and donated to the Ladakh Autonomous Hill Development Council
Amends Anti dumping Notification No. 50/2009-Customs, dated 15th May, 2009 to modify entries at S.No.6., CUSTOMS Notification No 99/2010, 30-09-2010
Amends Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between ASEAN and the Republic of India Rules, 2009
Amends Notification No. 36/2001-Cus (N.T.), dated, 3rd August 2001, CUSTOMS Notification No 86/2010 (NT), 30-09-2010
Exchange Rate notification for Import / Export of goods with effect from 1st October, 2010
Illegal use of Satellite Phones in India-Circular No.37/2010-Customs
Foreign Trade Policy (FTP), 2009-14- Circular No. 38/2010-Custom Duty
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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