Custom Duty
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Notification No. 27/2008-Customs Duty, Dated 01/03/2008
Notification No. 26/2008-Customs Duty, Dated: 01/03/2008
Notification No. 25/2008-Customs Duty, Dated: 01/03/2008
Notification No. 24/2008-Customs, Dated: 01/03/2008
Notification No. 22/2008-Customs Duty, Dated: 01/03/2008
Notification No. 21/2008-Customs Duty, Dated: 01/03/2008
Notification No.20/2008-Customs Duty, Dated: 1st March, 2008
Amendments in First Schedule to Customs Tariff Act
Amends Notification No. 39/2005-Customs Duty (N.T.), dated 13th May, 2005
Rescinds Notification No. 114/2007-Customs dated 28th November, 2007
Empowers gazetted officers under Section 108 of Customs Act, 1962
Whether the adjudicating authority entitled to load royalty/licence fee payment on to the price of the imported goods, viz, the shuttle(s) by taking its peak price?
Amends notification No. 36/2001-Customs Duty (N.T.), dated, 3rd August 2001
Rescinds Notification No. 104/2007-Customs, dated the 14th September, 2007
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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