Custom Duty
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Amendments in the Notification No. 21/2002-Customs Duty, dated 01/03/2002
Clarification in respect of plant site verification for finalization of project imports
Amends Notification No. 39/2005-Customs (NT) dated; 13th May, 2005
Regarding anti-dumping duty on imports of acrylonitrile butadiene rubber (NBR)
Notification No. 43/2006-Customs Duty (N.T.), dated; 31th March, 2006
Notification No. 42/2006-Customs Duty (N.T.), Dated; 31th March, 2006
Amendment in Notification No. 12/97-Customs (N.T.), G.S.R. No.193(E) dated; 2nd April, 1997
Notifies tariff values of edible oils/brass scrap and amends the Notification No.36/2001-Customs (N.T.), dated; 3rd August 2001
Notification No. 32/2006-Customs Duty, Dated; 31/03/2006
Imposition of provisional anti-dumping duty on Cellophane Transparent Film
Imposing provisional anti-dumping duty on nylon filament yarn
Concessional duty on findings, mountings of gold
Rate of exchange of conversion for exported goods w.e.f. 01.04.2006
The rate of exchange of conversion for imported goods w.e.f. 01.04.2006
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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