Custom Duty
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Rescinds Notification No. 26/2009- Customs, dated 23rd March, 2009
Notification No. 71/2009 – Customs, dated 19-06-2009
Amends Notification No. 10/2008-Customs dated 15th January, 2008
Regarding anti-dumping duty on 6-Hexanelactam, originating in, or exported from, Japan, European Union, Nigeria and Thailand
Notification No. 68/2009-Custom Duty, dated 16-06-2009
Rescinds Notification No. 134/2008-Customs, dated 22nd December, 2008
Notification No. 67/2009-Customs (NT) Dated 15 June, 2009
Notification No. 66/2009-Customs (N. T.) Dated:15th June, 2009
Notification No. 65/2009-Customs Duty (N.T.), dated 15-06-2009
Notification No. 64/2009-Customs Duty (N.T.), dated 08-06-2009
Amends principal notification No. 82/2008-Customs, dated 27th June, 2008.
Regarding anti-dumping on import of ceramic glazed tiles, falling under tariff item 6908 90 90, originating in or exported from China PR.
Notification No. 61/2009-Customs, dated 10-06-2009
Amends Notification No.33/2008-Customs dated 11th March, 2008
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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