Custom Duty
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Notification No. 7/2011 – Customs (N. T.) Specify tariff on Crude/CBD Palm Oil/Palmolein, Poppy seeds, Brass Scrap etc
Procedure regarding Transfer / Transshipment of cargo
CUSTOMS Notification No 04/2011- Further amends Notification No. 21/2002 – Customs, dated 1st March, 2002
Rate of exchange of conversion of each of the foreign currency with effect from 1st February, 2011
Notification No. 05/2011-Customs (N.T.)- Appoints Common Adjudicating Authority
Notification No. 4/2011-Customs (N.T.)- Appoints Common Adjudicating Authority
CUSTOMS Notification No 03/2011 (NT) – Appoints Common Adjudicating Authority
Customs Notification No 03/2011- Further amends Notification No.153/2009-Customs, dated 31st December, 2009
Unless the correctness of facts, is put in issue, a question of law does not arise
Circular No. 06/2011-Customs Duty Dated: 18/01/2011
Export of handicraft and artware items under Drawback Scheme Circular No. 07/2011-Custom
Progress in implementation of Bank Realization Certificate Module
BCCI no more a National Sports Federation and have to pay duty on goods imported
Tariff value of Edible Oils, Brass scrap and Poppy Seeds Notified
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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