Custom Duty
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New tax incentives announced for Infrastructure Sector Budget 2010-11
Uniform basic duty of 5 per cent and cvd of 4 per cent on import of medical equipment : Budget 2010-11
Customs Notification No 19/2010 (NT), Amends Principal Notification No. 36/2001 – Customs (N.T.), dated, the 3-08-2001
Customs Notification No 18/2010 (NT), Seeks to amend notification 2/95 – Cus.(N.T.) dated 01.01.1995 so as to amend Anti dumping rules
Budget 2010-11: Summary of Major Amendment in Custom duty Laws
Customs Notification No 14/2010, Regarding anti dumping duty on Cold Rolled Flat Products of Stainless Steel
Order Appointing Common Adjudicating Authority in the case of Max Enterprises
Customs Notification No 13/2010, Exemption of customs duty on specified goods when imported into India for the purpose of organising the Common Wealth Games, 2010
Notification No. 12/2010 – Customs- Dated-19th February, 2010
Customs Notification No 11/2010, Rescinds Notification No. 114/2009-Customs, dated the 1st October, 2009
Customs Notification No 10/2010, Regarding anti dumping duty on Melamine, originating in, or exported from China
Customs Notification Appointing Common Adjudicating Authority in the case of Larsen and Tubro Limited and others
Customs Notification Appointing Common Adjudicating Authority in the case of M/s. Hazel Mercantile Private Limited and M/s Veritas Exports
Customs Notification Appointing Common Adjudicating Authority in the case of Tristar Airconditioning (P) Limited
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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