Custom Duty
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Amends Notification No. 39/96-Customs, dated the 23rd July, 1996 – Vide Notification No. 64/2011-Customs
Amends Notification No.21/2002-Customs, dated the 1st March, 2002 vide Notification No. 63/2011-Customs
Amends Notification No. 41/2007-Customs, dated the 19th March, 2007 Vide Notification No. 62/2011-Customs
Regarding Handling of Cargo in Customs Areas Regulations, 2009
As a goodwill gesture govt allows duty-free import of vegetable, fruits from Dhaka
Anand Sharma to Recommend Duty Draw Back Relief on Cotton Yarn Exports
Regarding continuation of anti-dumping duty on 1,1,1,2 – tetrafluoroethane or 134a
Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 47/2011-CUSTOMS (N. T.)
Notification No. 60/2011-Customs Dated- 14th July, 2011
Amends Notification No.21/2002-Customs, dated the 1st March, 2002 vide Notification No. 59/2011-Customs
Regarding Collection of Anti-dumping duty beyond the validity period- Circular No. 28/2011-Customs
Regarding definitive anti dumping duty on STPP originating in, or exported from, People’s Republic of China- Notification No.58 /2011-Customs
Amends Notification No.148/1994-Customs, dated the 13th July, 1994 vide
Seeks to withdraw anti-dumping duty on imports of Hydrofluoric Acid originating in, or exported from, China PR – Notification No. 57 /2011-Customs
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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