Custom Duty
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Amends Notification No.84/2004-Customs, dated 30th August, 2004
Clarification on refund of 4% Additional Duty of Customs (4% CVD) in pursuance of Notification No.102/2007-Customs dated 14.09.2007-regarding
Notification granting concessions to about 260 items in negative list of SAFTA
Amends notification No. 36/2001-Customs Duty (N.T.), dated, 3rd August 2001
Exchange rate notification for Import of /exported goods w.e.f. 1st October, 2008
Authentication of supply invoice by the Central Excise Authorities for Claiming Deemed export benefits-reg
Issue of installation certificate for the capital goods imported/ procured locally under EPCG scheme-procedure-reg
Amends notification No.102/2008-Customs Duty (N.T.) dated 26th August, 2008
Amends in First Schedule to Customs Tariff Act, 1975
Amends notification No. 15/2002-Customs Duty (N.T.) dated 7th March, 2002
Amends Notification No. 147/94-Customs Duty, dated 13th July, 1994
Notification No. 105/2008-Customs Duty, dated 18-09-2008
Amends notification No. 36/2001-Customs Duty (N.T.), dated, 3rd August 2001
Regarding of anti-dumping duty imposed on steel and fibre glass tapes and their parts and components
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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