Custom Duty
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Notification No. 53/2012-Customs- (N.T.) Dated: 21.06.2012
Rate of exchange of conversion of each of foreign currency WEF 22nd June, 2012
Anti-dumping duty on Pentaerythritol exported from European Union
Notification No. 51/2012-Customs (N.T.) 21st June, 2012, Dated: 15.06.2012
Notification No. 50/2012-Custom (NT) – Change in Tariff Value of Brass Scrap (All Grades), Poppy Seeds, Gold & Silver
Seeks to amend Notification No. 39/96-customs, Dated: 23.07.1996
Custom Duty Notification to Amend 31 Notifications
Regarding Procedure followed for import of Indian vessels and filing of Import General Manifest, Bill of Entry
Self assessment of customs duty of imported & export good – Review of Risk Management System
Custom Notification No. 39/2012-Customs, Dated: 12.06.2012
Regarding Classification of Rail Cum Road Vehicle for Custom Duty
CBI Arrests DC Of Customs & 4 others in alleged Bribery Case
Rate of exchange of conversion of each of foreign currency wef 8th June, 2012
Change in Tariff Value of Gold Notified – Notification No. 48/2012-Customs (N.T.)
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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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