Custom Duty
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EOUs- Bonding Procedure Liberalised
This notification imposes anti dumping duty on Hot Roll coils, Strips, sheet and plates originating in or exported from Russia, Kazakhstan and Ukraine
This notification imposes anti dumping duty on polystyrene originating in or exported from Malaysia, Republic of Korea, Taiwan and Japan
EOUs- Misuse of CT3 facility – AR3A and rewarehousing certificate to be sent by post and not by hand
EPZ Units – Sftware transfer in DTA through data communication permitted
Export/ Import through Courier- Assessment of goods
Re-export of diamonds from private bonded warehouse
Marine freight containers clearance and re-export
This notification provides effective rate of duty on specified goods imported from Nepal
Drawback- Brand Rate/ Special Brand Rate Fixation- Period of Condonation of Delay in Filing Application Specified
Special Advance Licensing Scheme for Electronics Products – Guidelines for
No direct correspondence on Policy Issues by Ministries with Customs Commissionerates
This notification imposes anti-duty on magnesium originating in or originating from People”s Republic of China
DEPB – PMV Verification allowed upto 90 days instead of 30 days
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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