Custom Duty
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Circular No. 27/2010-Customs, Dated:-13th August, 2010
Customs Notification No 76/2010 (NT) Amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001
Import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010-Circular No.:28 / 2010-Customs
India may 10 per cent import duty on power equipment for big projects
Amends Courier Imports and Exports (Clearance) Regulations, 1998
CUSTOMS Notification No 70-74/2010 (NT) appointing Common/Special Adjudicators
Custom cannot insist on pre authorization from recipient of gifts before allowing clearance
Customs Notification No 81/2010, 10-08-2010, regarding amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue)
Customs Notification No 80/2010, 10-08-2010, Regarding amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue)
Import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010 – regarding
Committee set up to Review Practices and Procedures regarding Procurement of Sensitive items Relating to Currency, Recommends Waiver of Custom Duty on Imported Machinery for Bank Note Paper Production and Printing
Display at Airports / LCS about prohibition of import / export of Indian currency notes of denomination of above Rs.100 in India and in Nepal – regarding
Notification No. 69/2010 – Customs (N. T.)- Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994
Clarification about permissible free baggage allowance under Baggage Rules, 1998 for the persons returning from Hong Kong Special Administrative Region (SAR), People’s Republic of China
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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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