Custom Duty
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FM asks Customs Administration to Function on Principles of Transparency, Predictability, Strong Legal Processes and Productive use of it
Regarding Classification of Fused Silica under Customs Tariff Act, 1975
Tariff Value increased for Gold, Silver, Brass Scrap and Poppy Seeds
Regarding implementation of the pneumatic tyres and tubes for Automotive Vehicles (Quality Control) Order, 2009 DIPP Office Memorandum dated 13-12-2011
Rate of exchange of conversion of each of the foreign currency with effect from 1st February, 2012
Amends Notification No. 12/97-Customs (N.T.), dated the 2nd April, 1997 thereby notifying Tondiarpet (TNPM), Chennai as ICD
Notification No. 11/2012-Customs (ADD) New Delhi, Dated: 24.01.2012
Notification No. 10/2012-Customs (ADD) dated the 24th January, 2012
Rescinds Notification No. 91/2011-Customs, dated the 20th September, 2011
35 Customs and Central Excise Dept officers selected for Presidential Award
Notification No. 06/2012-Customs (N.T.), Dated: 19th January, 2012
Seeks to notify Refund of Anti-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012
Customs – Seeks to impose safeguard duty at the rate of 10% ad valorem, on Phthalic anhydride
Further amends Notification No. 21/2002-Customs, Dated: 01.03.2002
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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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