Custom Duty
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Custom duty circular on Rebate under Rule 18 on clearances made to SEZs
Notification imposing Anti-Dumping duty on export made to India by M/s. Kodak (China PR) Graphic Communications Company Ltd.
Customs Circular No 05/2010, Regarding verification mechanism and monitoring of export obligation under duty exemption / reward Schemes
Customs Notification No. 34/2010, Amending Notification No. 158/95-Customs, dated the 14th November, 1995
CBEC instructed DGFT to strictly monitor Export- Import (Exim) licence norms
CUSTOMS Notification No 20/2010 (NT), Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001
Tariff value of edible oils, brass scrap and Poppy seeds notified
Custom Notification Amending Notification 21/2002 – Customs, dated 1st March, 2002
Custom Notification Amending Notification 36/96 – Customs, dated the 23rd July, 1996
Imposition of import duty on crude petroleum will benefit domestic crude manufacturers
Two Custom officers in CBI net
Custom duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions
Custom duty relief for importing digital films: Budget 2010-2011
Infotainment sector to benefit from concessional customs duty: Budget 2010-11
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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