Custom Duty
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Basic Custom Duty Reduced from 30% to 5% on Raw Silk AD Valorem
Regarding Monitoring of food import from Japan for radioactive contamination
Conversion of Shipping Bill – Nothing is simpler in this country
Applicability of indirect taxes on packaged software – Circular No. 15 /2011-Customs Dated- 18th March 2011
Monitoring of food import from Japan for radioactive contamination- Custom Instruction
Anti-dumping duty imposed on Chinese glass ware
Notification No. 23/2011-Customs (N.T.) Dated: 15/03/2011
No drawback on the goods exported to Nepal which were imported into India from third countries
Applicability of Custom Duty on Import of Gifts and FAQ on the same
Mistakes in Budget Bulletins, 2011 related to Custom Duty, Central Excise and Service Tax
Exemption of Import Duty on Items from ASEAN
India raises concerns over anti-dumping duty by Brazil
Amends Notification No. 12/97-Customs (N.T.) – Inland Container Depots for loading and unloading of goods
Appoints Common Adjudicating Authority- Notification No. 21 /2011 – Customs Duty (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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