Custom Duty
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Amends Notification No. 21/2002-Customs, Dated: 1st March, 2002 which was last amended by Notification no. 128/2008 -Customs, Dated 07.12.2008
Notification No. 01/2009-Customs Duty, Dated: 02.01.2009
Rate of exchange of conversion of foreign currency wef 8th January, 2016
Seeks to amend Customs Broker Licensing Regulations, 2013
Anti-dumping duty on import of Flexible Slabstock Polyol
Amends notification No. 36/2001- Customs Duty (N.T.), dated, 3rd August 2001
Circular No. 23/2008-Customs Duty, Dated: 29/12/2008
Exchange rate notification for Import of / exported goods w.e.f 1st January, 2009
Govt May Scale Down Indirect Tax Target
Anti-dumping duty on imports of Sodium Hydroxide, originating in or exported from, Korea ROK and the People’s Republic of China
Exempts certain goods
Amends notification No. 30/2008-Customs Duty, dated 3rd March, 2008
Anti dumping duty on imports of vitrified and porcelain tiles
Procedure relating to sanction and pre-audit of refund claims-regarding
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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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