Custom Duty
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Amends Notification No.36/2001-Customs (N.T.), Dated: 3rd August 2001
Issues concerning import & export through courier mode-regarding
Rescinds notification No. 40/2007-Customs, Dated: 19th March, 2007
Anti-dumping duty on import of Peroxosulphates also known as Persulphates
Notification No. 89/2007-Customs Duty (N.T.), Dated: 29th August, 2007
Notification No. 88/2007-Customs Duty (N.T.), Dated: 29.08.2007
Anti-dumping duty on imports of partially oriented yarn generally known as POY
Anti-dumping on import of nonylphenol
Notification No. 87/2007-Customs Duty (N.T.), Dated: 22nd August, 2007
Notification No. 86/2007-Custom Duty (N.T.), Dated: 22nd August, 2007
Acceptance of Central Excise Certificate under Para 3.1(e) of CBEC Circular No. 58/2004-Cus,dated 21-10-2004-Regarding
Guidelines for compounding of offences under Customs (Compounding of Offences) Rules, 2005-regarding
Amends Notification No. 62/94 (NT)-Customs, Dated: 21st November,1994
Notification No. 84/2007- Customs Duty (N.T.), Dated: 17th August, 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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