Custom Duty
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Duty Drawback on ‘Natural dyed made-ups with latex backing – reg
Reg. -duty on export of Iron Ore concentrate and pellets
Circular No. 43/2002-Customs, Dated- July 19, 2002
Inspection Schedule for the Systems and Services in Customs and Anti- smuggling Formations-Reg
Eligibility of Cash Dispensers under notification No. 21/2002-Cus.
Marble Imports- Finalisation of Provisional Assessments-reg
Notification No. 70/2002-Customs, dated: 11.07.2002
Anti Dumping duty on Polyester Staple Fibres (PSF)
Amend the Baggage (Transit to Customs Stations) Regulations, 1967
Anti dumping duty on D (-) Para Hydroxy Phenyl Glycine Base
Notification No. 67/2002-Customs, dated: 03.07.2002
New Exim Policy 2002-07 and Handbook of Procedures, 2002-2007 – Amendments in the Notifications relating to EOU/EPZ/ETHP/STP/SEZ schemes – Reg
Appoints Director General (Specific Safeguard)
New EXIM Policy 2002-2007 and Handbook of Procedures, 2002- 2007. Amendments in the Provisions Relating to Gem & Jewellery Export Promotion Schemes- Reg
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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