Custom Duty
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Regarding export of sugar against Advance Authorizations issued from 17.2.2009 to 30.9.2009, Customs Circular No 32/2010, 31-08-2010
Govt exempts Commonwealth Games helium balloons from customs duty
Customs Circular No 31/2010, 30-08-2010, Regarding import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010
Clarification regarding non-applicability of Anti Dumping Duty under Notification No.15/2007-Cus dated 20.02.2007 to Spandex Yarn (Elastomeric Yarn) falling under Tariff Item 5402 44 00
CUSTOMS Notification No 85/2010, 30-08-2010, Regarding continuation of anti-dumping on imports of Acrylic Fibre originating in, or exported from, the Japan and Belarus
CUSTOMS Notification No 77/2010 (NT), 27-08-2010, Exchange Rate notification for Import / Export of goods with effect from 1st September, 2010
Amends Notification No. 13/2010-Customs, dated 19th February 2010 – Exemption of customs duty on specified goods when imported into India for the purpose of organising the Common Wealth Games, 2010
Government Panel recommends Customs duty cut on rubber imports
Sterlite evaded duty in copper export waste: Customs
Regarding Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury-Notification No. 83/2010-Customs
Corrigendum to Custom Notification No. 80/2010 Dated 10th August, 2010
Regarding imposition of definitive anti-dumping duty on imports of the subject goods originating in, or exported, from the subject country
Extension of ACP Programme to Export Houses / Trading Houses – Circular No.29/2010-Customs
Duty & curbs on cotton exports to go from Oct 1
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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