Custom Duty
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Regarding illegal use of Satellite Phones in India
Conversion of free shipping bills to export promotion scheme shipping bills and conversion of shipping bills from one scheme to another
EPCG scheme cuts visits to licence office
Notification No. 96 /2010-Customs, notification about import anti dumping duty
Sharp cut in tax refund rates to affect jobs, exports
All Industry Rates of Duty Drawback, 2010-11 – Circular No. 35/2010-Custom
All industry rates of Drawback, for 2010-11- Notification No. 84/2010 – CUSTOMS (N.T.)
Legal provisions and procedures of recovery of arrears/demands of Customs Duty
Refund of 4 Percent Additional Duty of Customs (4 percent Special CVD) in pursuance of NotificationNo.102/2007-Customs dated 14.9.2007
Notification No. 83/2010-Customs (N. T.), Dated: 15.09.2010
Notification No. 95/2010-Customs-Amends Notification No. 96/2008-Customs- Duty free tariff preference for Least Developed Countries
Notification No. 94 / 2010 – Customs- Exempts certain goods, from customs duty, when imported into India from Nepal, subject to certain conditions
Amends certain Notifications for inclusion of additional ports for the purpose of Export Promotion Schemes, CUSTOMS Notification No 93/2010, 14-09-2010
Amends Notification Nos. 91/2009-Customs, 94/2009-Customs and 99/2009-Customs all dated 11-09-2009
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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