Custom Duty
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Amendments to certain All Industry Rates of Duty Drawback – Reg
Notification No. 21/2015 – Customs (N.T.) dated 10.02.2015
Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2015
Notification No. 03/2015-Customs (ADD), Dated-10th February, 2015
CBEC issues Instructions on Digitalization of Manual Customs Data
Amends Notification No. 12/97-Customs (N.T.), Dated the 2nd April 1997
Customs -Rate of exchange of conversion foreign currency wef 06.02.2015
Distribution fees paid to non-resident for rights to distribute a service not includible in Assessable Value of Imported Goods
Amends Notification No. 09/2015-Customs (N.T.), Dated the 15th January, 2015
Where duty is mistakenly paid in excess, Assessee is entitled to refund
Declared value of Imported goods cannot be enhanced merely on the basis of NIDB data
Maintain Punctuality and Cleanliness in office
Customs -Rates of Canadian Dollar and Swiss Franc WEF 31.01.2015
Notification No. 15/2015 – Customs (N. T.) Dated- 30th January, 2015
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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