Custom Duty
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Notification No. 55/2010–Customs (N.T.), Dated:07/07/2010
CUSTOMS Notification No 52/2010 (NT), Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001
CUSTOMS Notification No 51/2010 (NT), Prohibits the import of specified goods intended for sale or use in India, subject to certain conditions and procedures
CUSTOMS Notification No 73/2010, Amends Notification No. 37/2006-CUSTOMS, dated the 20th April, 2006 thereby continuing anti-dumping duty on imports of Pentaerythritol, originating in, or exported from, the People’s Republic of China and Sweden
Examination under Regulation 8 of the ‘Customs House Agents Licensing Regulations (CHALR), 2004’ – Clarification – regarding.-CUSTOMS Circular No. 16/2010
Fraudulent claim of 4% SAD by unscrupulous importers – reg.- CUSTOMS Circular No. 15/2010
Amendment in the circular No.01/2010-Cus. dated 11.1.2010-Circular No. 14 /2010-Custom
Exchange Rate notification for Import / Export of goods with effect from 1st July, 2010- Customs Notification No. 50/2010-Cus(NT)
Safeguard duty on imports of Soda Ash into India from the People’s Republic of China- CUSTOMS Notification No 72/2010,
CUSTOMS Notification No 71/2010, Rescinds Notification No. 115/2009-Customs, dated the 6th October,2009
Notification No. 70/2010-Customs, Dated-25th June, 2010
Customs Circular No 13/2010, Regarding Amendment of the Customs, Central Excise & Service Tax Drawback Rules, 1995 and the Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995
Amendment of the Customs, Central Excise & Service Tax Drawback Rules, 1995 and the Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995
Customs Notification No 69/2010, Amends Notification No. 21/2002-Customs, dated the 1st March, 2002
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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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