Custom Duty
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Single Bond required for Surety/ security
Customs Valuation Rule 10A – Rejection of Declared Value
Circular No. 12/98-Custom Duty Dated 5/3/1998
Customs Notification/ Circular etc. to contain – Running Serial Numbers
Assessing Officers to Sign in Full with Rubber Stamp
Disposal of unclaimed/uncleared cargo-Procedure Announced
Exhibits Re-import from Abroad – Only One Examination for Customs Clearance
Ship Stores/Ship Spares Clearance from Bonded Warehouse and Despatch to Shipping Corpn. -Strict Escort Instructions
Duty Exemption to Software for Data Processing Machines Only – software for Telecom, Medical, etc. Applications Not Eligible
This notification levies anti dumping duty on specified Catalyst imported from Denmark
Duty free import of goods be accredited journalists
DEPB Scheme – Imports Facility through TRA at Hyderabad
BG for 5% of gold value (and not bond amount) obtained for nominated agencies
Customs Staff for Handling Addl. Work Load
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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