Custom Duty
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Rate of Exchange-Customs with effect from 17th May, 2013
Tariff value of Gold, Silver & Crude Palm Oil wef 15.05.2013
Customs- Regarding Classification of machines commercially referred to as Tablet Computers
Amends Notification No. 12/2012-Customs dated 17.03.2012 to reduce Customs Duty on Cashew nuts
Classification of Filters referred to as “Disposable Sterilized Dialyzer” and “Microbarrier” for filtering blood” – regarding
Regarding Exemption of SAD on imports of brass scrap
Notification for Changes in Custom Duty rates wef 08.05.2013
Notification No. 10/2013-Customs (ADD) Dated: 03/05/2013
Rotate Officers between Customs and Central Excise – CBEC
Exchange Rate of Foreign Currency Relating to Imported and Export Goods WEF 03.05.2013
Anti-Dumping Duty on Import of Solar PV Modules
Notification amending tariff Value of Gold, Silver etc. wef 30.04.2013
Utilizing Refunded SAD for Duty Payment (DEPB) – Extended Again
Anti-dumping duty on Carbon black imported from China, Thailand, Russia, Australia
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.
Get all the latest custom duty news and updates here at Taxguru. We offer a cohesive and detailed analysis of the relevant updates and announcements related to custom duties. We keep our site updated with all the latest updates, announcements and news on custom duty. Get to know about all the changes and updates to the custom duty challan and other such specific details.
