Custom Duty
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Conversion of SBs into Drawback SBs – Factual Raport from Commissionerates
Misuse of Excise Exemption by EOU
Transportation of imported goods for re-warehousing – Insurance is compulsory
Conversion of PB SBs into DBK SBs
EHTP Units inside / outside the Complex – Realignment of Procedure
Revised Guidelines for determination / verification of the Present Market Value (PMV) under DEPB Scheme
Circular No. 68/97-Custom Duty Dated 2/12/1997
Duty Free Imports on Nodal Ministry’s Certificate
No Cess on imported Synthetic rubber
Customs House Agents Licencing – Regulations, 1984 Amended
Export of Rough Diamonds purchased from the Market Permitted
Specified Import Cargo- Fast Track Clearance Procedure
Drawback – DEPB SBs Conversion into DBK S.B.
Drawback – Non-availment of Modvat Certificate
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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