Custom Duty
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Seeks to amend Notification No.16/2011-Cus (N. T.), Dated: 01.03.2011
Rate of exchange of conversion of each of the foreign currency with effect from 1st April, 2012
5th Corrigendum to Notification No.12/2012-Cus, Dated: 17.03.2012
Expert Opinion should be given due importance – Beneficial notification should be given liberal interpretation
4th Corrigendum to Notification No.12/2012-Cus, Dated: 17.03.2012
Regarding Applicability of exemption under Sr. No. 4 of the Notification 4/2006 -CE, Dated: 01.03.2006 on import of Ore Concentrates
Amends Notification No. 64/1994 dated 21st November, 1994 vide Notification No. 25/2012 -Customs (N.T.)
Change in Tariff Value of Gold Notified
3rd Corrigendum to Notification No.12/2012-Cus, Dated: 17.03.2012
Notification No. 23/2012-Customs (N.T.) Dated: 21.03.2012
Change in Tariff Value of Silver Notified
Seeks to amend Notification No. 12/2012-Customs, Dated: 17.03.2012
2nd Corrigendum to Notification No.12/2012-Cus, Dated: 17.03.2012
Notification No. 16/2012-Customs (ADD), Dated: 20.03.2012
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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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