Custom Duty
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Exchange Rate notification for Import / Export of goods with effect from 1st April, 2010
CBEC decided to recover drawback money from exporters who failed to realise payments from their buyers
Circular No.8/2010-Customs on Import of Cosmetics under the Drugs and Cosmetics Act, 1940 and Rules made thereunder
Customs notification – 38/2010 – Regarding anti dumping duty on Coumarin originating in, or exported from China
Recovery of drawback amount on the portion of the FOB value of export not realized by the exporter but compensated by ECGC
Custom notification No. 39/2010, imposing Anti-Dumping duty on imports made from China
Custom notification No. 37/2010, imposing Anti-Dumping duty on imports made from China
Custom duty Notification No. 36 /2010 amending Notification 107/2008 – Customs, dated 6th October, 2008
Customs Notification No 25/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s Uttam Trading Company
Customs Notification No 24/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s J. Universal Impex
Customs Notification No 23/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s Metro Impex
Customs Notification No 22/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s Liberty Industries
Customs Notification No 21/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s. Bhambri Printing Press
Custom law Amendments need to be reviewed by CBEC
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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