Custom Duty
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Notification No. 21/2018-Customs (N.T./CAA/DRI) Dated:-01.10.2018
Advisory circular for registration of beneficiaries on ICEGATE
Tariff Notification No. 84/2018-Customs (N.T.) dated: 28.09.2018
Customs Rate of South African Rand wef 29.09.2018
CBI Arrests an Assistant Commissioner of Customs in a Bribery Case
Nil import duty on parts/ components of specified textile machinery
Import duty exemption on specified goods for use in manufacture of specified goods
CBIC extends Mandatory RFID sealing due date to 01.11.2018
Notification No. 70/2018–Customs Dated: 26.09.2018
Notification No. 69/2018 – Customs Dated: 26.09.2018
CBIC increases Standard Rate of Custom Duty on Diamonds
CBIC increases Basic customs duty on 19 items to curb imports
Exemption from IGST & Compensation Cess upto 31.03.2019 on goods imported against AA/EPCG authorizations
Notification No. 49/2018-Customs (ADD) Dated: 25.09.2018
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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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