Custom Duty
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Notification No. 35/2010-Custom (NT) dated -Amending Principal notification No. 36/2001-Customs (N.T.) dated the 3rd August, 2001
Custom Duty Notification No 56/2010, Amends Notification No. 79/2008-Customs, dated the 13th June, 2008
Custom Duty Notification No 55/2010, Amends Notification No. 20/2006-Customs, dated the 1st March, 2006
Custom Duty Notification No 54/2010- Amends Notification No. 21/2002-Customs, dated the 1st March, 2002
Amends notification No. 103/2008-Cus (NT) dated 29.08.2008 (Drawback Schedule notification) so as to make All Industry Rate of duty drawback on cotton yarn as nil
Customs Notification No 33/2010 (NT) amending the Customs, Central Excise duties and Service Tax Drawback Rules, 1995 so as to disallow drawback on cotton yarn
Exchange Rate notification for Import / Export of goods with effect from 1st May, 2010
Brand Rate of Duty Drawback – References received in the Board regarding old claims
Custom Notification No. No. 53 /2010- Regarding anti dumping duty on Phenol originating in, or exported from, Thailand and Japan
Custom Duty Notification No 52/2010- Regarding anti dumping duty on Tetrafluoroethane or R-134a of all types originating in, or exported from China and Japan
Custom Notification No 31/2010 (NT), Amending Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001
Notification No. 50/ 2010-Customs – Regarding anti dumping duty on Front Axle Beam and Steering Knuckles originating in, or exported from China
Notification No. 49/ 2010-Customs – Regarding anti dumping duty on circular weaving machines, originating in, or exported from China
Notification No. 48/ 2010-Customs -Regarding anti dumping duty on Recordable Digital Versatile Disc [DVD] of all kinds, originating in, or exported from the Malaysia, Thailand and Vietnam
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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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