Custom Duty
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CUSTOMS Notification No 13/2010 (NT), Appoints Common Adjudicating Authority
CUSTOMS Notification No 12/2010 (NT), Appoints Common Adjudicating Authority
CBEC circular on Carriage of domestic cargo on international flights
Customs Notification No 11/2010 (NT), Amending Principal Notification No. 36/2001 – Customs (N.T.), dated, the 3-08-2001
Classification of artware / handicraft items and composite goods in the Drawback Schedule
Customs Notification No 09/2010, Amends notification No.21/2002-Customs, dated 1st March, 2002
Custom duty circular on Import of frozen green peas
Custom circular amending notification No.21/2002-Customs, dated 1st March, 2002
EPCG Scheme- Section 15(1)(b) would be applicable only when the goods are cleared from the warehouse u/s. 68 of the Cust
Anti-cancer and HIV drugs likely to be exempted from duty in coming budget
CBEC amends tariff value of Brass scrap and poppy seeds
Anti-dumping duty on the imports of Carbon Black used in rubber applications, originating in or exported from Australia, China PR, Russia and Thailand
Rescinds the Notification No. 83/2009- Customs, dated the 30-07-2009 – Regarding anti dumping duty on imports of Carbon Black used in rubber applications, originating in, or exported from, Australia, China PR, Russia and Thailand, and imported into India
Exchange Rate notification for Import / Export of goods with effect from 1st February, 2010
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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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