Custom Duty
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Advisory on the Rebate of State Levies on Textiles Scheme (ROSL)
Rate of exchange of conversion of foreign currency WEF 23.09.2016
Setting up of CCFC for Land Customs Stations & Inland Container Depots- reg
DRI busts racket involved in smuggling of around 7000 kg. gold
Custom Duty increase on Marble/ Travertine blocks, Marble / Granite slabs
Rate of exchange of conversion of foreign currency WEF 02.09.2016
Notification No. 120/2016-Customs (N.T.) Dated-15.09.2016
Indirect Tax collections upto August 2016 shows 27.5% increase
Reg. Rules of Origin under Free/Preferential Trade Agreements
Notification No. 48/2016-Customs, Dated: September 08, 2016
Taxation Laws (Amendment) Act, 2016
Delay in issuing of Sub Manifest Transshipment Permit (SMTP) -reg.
Entry of factory stuffed export containers into port terminals prior to LEO-reg.
Anti-dumping duty on imports of Para Nitroaniline
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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