Custom Duty
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Notification No. 37/2010 – Customs (N. T.)- Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001
Notification No. 39 / 2010 – Customs (N.T.)- Appoints Common Adjudicating Authority in the case of Shri Sachin Dhanraj Jain
Notification No. 41/2010 – Customs (N.T.) – Amends Notification No. 72/2009-Customs (N.T.), dated the 30th June, 2009
Notification No. 40/2010 – Customs (N.T.)- Amends notification No. 93/2008-Customs (N.T.), dated the 25th July, 2008 regarding Common Adjudicating Authority
Notification No. 38/2010 – Customs (N.T.)- Appoints Common Adjudicating Authority in the case of P.P.Exports
Custom duty Notification No 63/2010, Amending Notification No.96/2008-Customs, dated the 13th August, 2008
Custom Duty Notification No 62/2010, Amends Notification No.9/95-Customs, dated the 6th March, 1995
Notification No. 61/2010-Customs-Rescinds Notification No. 26/2010-Customs, dated the 27th February, 2010-Seeks to provide exemption from Special CVD to Electrical energy, when imported into India
Notification No. 60/2010-Customs- Rescinds Notification No. 25/2010-Customs, dated the 27th February, 2010-Seeks to provide exemption from customs duty on electrical energy other than the supply from SEZ to DTA
Notification No. 59 /2010- Regarding exemption to Raw cotton from customs duty
Custom department demands duty of Rs. 1450 crore from Hewlett Packard India
Custom Duty Notification No 36/2010 (NT), Makes Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010
Custom duty Notification No 58/2010- Rescinds Notification No. 2/2010-Customs, dated the 11th January, 2010
Notification No. 57/2010-Customs, Dated 3rd May, 2010
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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