Custom Duty
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Imposition of anti-dumping duty on imports of Cold Rolled Stainless steel flat products imported from USA and Japan
Regarding anti dumping duty on caustic soda
Introduction of Risk Management System (RMS) in Imports
Automation of movement of containerized cargo from Gateway Ports to hinterland ports -SMTP
Transhipment of import and export cargo-waiver of bank guarantee
Delayed, incomplete or incorrect filing of Import Manifest or Import Report
Introduction of Accredited Clients Programme (ACP)-regarding-
Amends Notification No. 12/1997-Customs (N.T) dated: 02.04.1997
Notification No. 102/2005-Customs Duty (N.T.), Dated; 18.11.2005
Notification No. 101/2005-Customs (N.T.), dated: 17-11-2005
Notification No. 97/2005-Customs, dated; 17.11.2005
Amends Notification No.36/2001-Customs (N.T.), dated: 03.08.2001
Impose anti-dumping duty on all imports of vitrified and porcelain tiles, other than vitrified industrial tiles
Imposition of provisional anti-dumping duty on import of Sodium Formaldehyde Sulphoxylate (SFS)
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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