Custom Duty
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Coffee Table book on Indian Customs ‘Anything to Declare’ Released
Custom Circular to give effect to Changes in Foreign Trade Policy 2009-14
Custom Duty – Amending Courier Imports & Exports (Electronic Declaration & Processing) Regulations, 2010
Coffee Table Book on Customs to be Released
Seeks to amend Notification No. 83/2004 – Customs (NT) -Jurisdiction of Customs officers
Notification No. 63/2012 – Customs, (N.T), Dated: 23.07.2012
Notification No. 62/2012 – Customs, (N T), Dated: 23.07.2012
Rate of exchange of conversion of each of the foreign currency WEF 20.07.2012
Anti-dumping duty on imports of ‘Acetone’ extended upto 18.06.2013
Notification No. 60/2012-Customs (N.T.), Dated: 17.07.2012
Appoints the Joint Commissioner or Additional Commissioner of Customs (Port), Custom House, 15/1, Strand Road, Kolkata, to act as a common adjudicating authority
Anti dumping duty on the imports of ‘Grinding media Balls’ originating in, or exported from Thailand & China
Amends in the Notification No. 12/2012- Customs, Dated: 17.03.2012
Amendment in Tariff Value of Gold , Silver, Palm Oil, Poppy Seeds, Brass Scraps – Notification No. 58/2012-Customs (N.T.)
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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