Custom Duty
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Notification No. 129/2008-Customs Duty, dated 07-12-2008
Amends Notification No. 21/2002-Customs Duty, dated 1st March, 2002
Anti-dumping duty on imports of Sulphur Black
Guidelines for compounding of offences under Customs (Compounding of Offences) Rules, 2005-regarding.
Exchange rate notification for Import of / exported goods w.e.f. 1st December, 2008
Anti-dumping duty on import of Compact Fluorescent Lamps (CFL)
Amends certain notifications
Amends Notification No.39/1996-Customs, dated 23rd July, 1996
Amends the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995
Notification No.123/2008-Customs dated 20th November, 2008
Further amends Notification No. 21/2002-Customs Duty, dated 1st March, 2002
Amendment in Notification No. 115/2008- Customs Duty (N.T.), dated 29th October, 2008 effective from 19th November, 2008
Notification No. 127/2008 – Customs Duty (N.T.), dated 17-11-2008
Clarification on setting up Duty Free Shops approved by FIPB -reg
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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.
Get all the latest custom duty news and updates here at Taxguru. We offer a cohesive and detailed analysis of the relevant updates and announcements related to custom duties. We keep our site updated with all the latest updates, announcements and news on custom duty. Get to know about all the changes and updates to the custom duty challan and other such specific details.
