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What is Customs duty
The Budget estimate of the government's customs revenue for the year 2020-21 was Rs 1,38,000 crore. The revised estimates of customs for the 2019-20 Budget came at Rs 1,25,000 crore, while the actuals for the 2018-19 Budget stood at Rs 1,17,812.85 crore.
- Basic Customs Duty (BCD)
- Countervailing Duty (CVD)
- Additional Customs Duty or Special CVD
- Protective Duty,
- Anti-dumping Duty
Latest Updates on Customs duty
The govt has exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean oil and crude sunflower oil each, to ease domestic prices
The CBIC has asked field offices not to deny Customs duty exemptions to importers of oxygen-related equipment merely for not adhering to import procedures during the second wave of the Covid-19
Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC)
More clarity on Customs duty changes could have made the Budget more transparent
This would mean that imports become more expensive or cheaper usually depending on the change in customs duties
Imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid will become cheaper as a result of rationalisation in customs duties
Budget 2022 LIVE updates: Finance Minister Nirmala Sitharaman presented the annual Union Budget 2022-23 in Parliament today. Follow Business Standard for Budget highlights
Industry body Assocham has urged the government to reduce the customs duty on copper concentrate from the present 2.5 per cent to zero
PHDCCI on Friday said it has suggested to the government to remove customs duty on copper concentrate as the move would encourage domestic companies to manufacture value added products in India
Move might impact farmers' realisation when kharif harvest is on, say industry players
The move which will help cool prices and increase domestic availability in the festive season
The law is quite clear that SWS is to be calculated at the rate of 10 per cent on the BCD levied and collected
An exporter must make a claim for RoDTEP in the shipping bill or bill of export by making the prescribed declaration
The Supreme Court Thursday asked the Centre to file its response in two weeks to a PIL seeking a direction to the CBI to register an FIR and probe the alleged duty evasion by 61 iron exporting firms
The government on Monday reduced the basic customs duty on imports of masur dal to zero and halved the Agriculture Infrastructure Development Cess on the lentil to 10 per cent
The finance ministry has made a good beginning by reviewing the exemptions with intent to eliminate them
The government has exempted basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing Covid test kits.
The govt has exempted basic customs duty on import of Remdesivir, APIs of Remdesivir, Beta Cyclodextrin used in making Remdesivir and specified inflammatory diagnostic kits till Oct-end