Custom Duty
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Continuation of anti-dumping duty on Sodium Hydroxide, commonly known as Caustic Soda
India-Singapore Trade Agreement (Safeguard Measures) Rules, 2009
Levy of Interest under Section 47(2) of the Customs Act, 1962 for delayed payment of duty in respect of clearance of goods from a bonded warehouse – Reg
Regarding anti-dumping duty on import of all kinds of plastic processing or injection moulding machines
Continuation of anti-dumping duty on plastic ophthalmic lenses
Government plans to impose anti-dumping duty on imports of front axle beam and steering knuckles
Notification No. 49/2009-Customs (N.T.) Dated: 06.05.2009
Notification No. 48/2009-Customs (N.T.), Dated: 06.05.2009
Notification No. 47/2009-Customs Duty (N.T.), Dated: 06.05.2009
Notification No. 46/2009 -Customs Duty (N.T.), Dated: 06.05.2009
Amends Notification No. 94/2008-Customs Duty (N.T.), dated 25th July, 2008
Implementation of Phytosanitary requirements in import or export of goods – regarding
A.S. Vasan & Sons (Bombay) Vs. The Union of India (Bombay High Court)
Amends notification No. 96/2008-Customs, Dated: 13.08.2008
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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