Custom Duty
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Clarification on Import of Boric Acid vide Circular No.24/2010-Customs
CUSTOMS Notification No 68/2010 (NT), 30-07-2010, Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001
Notification No. 79/2010-Customs- Regarding anti dumping duty on PVC Flex Film originating in, or exported from, People’s Republic of China
Customs Circular No 23/2010, 29-07-2010, Regarding disposal of claims in respect of cases where assessments are provisional
Exchange Rate notification for Import / Export of goods with effect from 1st August, 2010
Custom Duty Notification No. 78 /2010 dated 27th July, 2010
Import of ‘Worn Clothing’ -Customs Circular No 22/2010, 26-07-2010
Customs Circular No 21/2010, 26-07-2010, Regarding classification of Aseptic Packaging Paper
Customs – Notification No. 77/2010 – Regarding provisional anti-dumping duty on Poly Vinyl Chloride Paste Resin thereof, originating in, or exported from, People’s Republic of China, Japan, Republic of Korea, Malaysia, Russia, Taiwan and Thailand
Notification No.76/2010-Customs, Dated-26th July, 2010
Customs Circular No 20/2010, 22-07-2010, Regarding provision of single factory stuffing permission valid for all Customs Houses
CUSTOMS Notification No 66/2010 (NT), 15-07-2010, Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001
Customs Notification No 75/2010, 14-07-2010, Regarding anti dumping duty on Glass Fibre and articles thereof, originating in, or exported from, People’s Republic of China
Display at Airports / LCS about prohibition of import / export of Indian currency notes of denomination of above Rs.100 in India and in Nepal
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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