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What is Customs duty

Customs duty

About Customs duty

What is Customs duty

Customs duty refers to the tax imposed on goods when they are transported across international borders. In simple terms, it is the tax that is levied on import and export of goods. The government uses this duty to raise its revenues, safeguard domestic industries, and regulate movement of goods.
 
The rate of Customs duty varies depending on where the goods were made and what they were made of.
 
Custom duty in India is defined under the Customs Act, 1962, and all matters related to it fall under the Central Board of Excise & Customs (CBEC).

The Budget estimate of the government's
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Latest Updates on Customs duty

NPPA directs pharma firms to update MRP after Budget 2025 duty exemptions

The National Pharmaceutical Pricing Authority directs pharma firms to revise the MRP of medicines following customs duty exemptions in Union Budget 2025, ensuring consumers benefit from lower prices

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Updated On : 19 Feb 2025 | 10:49 AM IST

Govt won't extend duty-free import of yellow peas beyond Feb: Joshi

The government had allowed the duty-free import of yellow peas in December 2023 and subsequently extended it thrice till February 28 to boost domestic supplies after the local crop failed

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Updated On : 14 Feb 2025 | 12:16 AM IST

India's avg customs duty cut to 10.6%, now moving towards Asean level: CBIC

The 10-nation bloc ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam

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Updated On : 03 Feb 2025 | 2:54 PM IST

Customs duty cuts in certain areas to benefit American exports: GTRI

Among the key tariff reductions, India lowered the duty on fish hydrolysate for the manufacturing of aquatic feed from 15 per cent to 5 per cent, a move that directly impacts US exports

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Updated On : 02 Feb 2025 | 3:03 PM IST

Budget 2025: FM cuts customs duty on 40 items to boost manufacturing

After a comprehensive review of the customs rate structure, the government has decided to remove seven tariff rates

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Updated On : 01 Feb 2025 | 11:29 PM IST

Budget 2025: 'Made in India' energy transition gets boost with duty cuts

Customs duties on input goods for electric vehicles, solar panels slashed

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Updated On : 01 Feb 2025 | 8:20 PM IST

Exide, Amara Raja stocks rise as Budget 2025 proposes custom duty exemption

Budget 2025 analysis: During the Union Budget 2025 speech, Finance Minister Nirmala Sitharaman said today that battery-related raw material will be exempted from custom duties

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Updated On : 01 Feb 2025 | 12:30 PM IST

Union Budget 2025-26: Customs duty hike likely on key pharma, RE products

Key components in the renewable energy industry such as special bearings, gearboxes, yaw components, wind turbine controllers are currently subjected to a concessional customs duty of 5 per cent

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Updated On : 23 Jan 2025 | 11:56 PM IST

Customs announces relief for international travelers' stuck duty payments

The Customs department has introduced refund guidelines for payments that were initially successful but ultimately failed due to any errors

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Updated On : 20 Jan 2025 | 7:43 PM IST

Budget: Govt could cut customs duty on raw materials to boost manufacturing

Deloitte India Partner, Indirect Tax, Harpreet Singh said key demands from the Customs side from the Budget, to be tabled in Feb 1, would be rate rationalisation, simplification of the regime

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Updated On : 19 Jan 2025 | 12:03 PM IST

Budget may levy higher import duties to stem rupee slide: EY's Srivastava

On January 13, the rupee logged its steepest single-day fall in nearly two years and ended the session 66 paise down at its historic low of 86.70 against the US dollar

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Updated On : 15 Jan 2025 | 11:28 AM IST

Amnesty scheme for customs may be announced in upcoming Budget: Experts

The government had in the past announced amnesty schemes for excise and service tax and even for the income tax but not for customs

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Updated On : 12 Jan 2025 | 2:20 PM IST

Airlines to mandatorily share int'l passenger data with customs from Apr 1

All air transport service providers operating flights to/from India will have to register with the National Customs Targeting Centre-Passenger (NCTC-Pax) by January 10, 2025

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Updated On : 30 Dec 2024 | 7:01 PM IST

Steel ministry urges FinMin to hike Customs duty to counter Chinese threat

The steel ministry believes that a higher import duty, if implemented, could mitigate the adverse effects of a rise in cheaper imports of finished steel, particularly from China

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Updated On : 25 Dec 2024 | 11:59 PM IST

Finance ministry weighs phasing out customs duty exemptions in Budget 2025

Exemptions under review include bulk drugs used in insulin production, raw materials for lab-grown diamonds, plastics used in optical fiber production, and more

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Updated On : 24 Dec 2024 | 5:13 PM IST

Enabling IGCRS rules for EOUs electronically to cut transaction costs

The EOUs should quickly familiarise themselves with the new procedures and raise any doubts/difficulties with the CBIC and ICEGATE, preferably before the coming Wednesday

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Updated On : 23 Sep 2024 | 12:43 AM IST

How to trade Titan, other jewellery stocks amid rising Gold prices?

Stocks like PC Jeweller, TBZ, Kalyan Jewellers and Senco Gold can potentially rally up to 27% from current levels, suggest technical charts.

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Updated On : 20 Aug 2024 | 10:14 AM IST

Maruti Suzuki receives Rs 3.81 crore show cause notice from customs office

The show cause notice asks the automaker to justify its claim for customs duty exemption on certain imported goods

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Updated On : 14 Aug 2024 | 1:18 PM IST

Gold exchange-traded funds mine a rich vein: The price dip pays off

Recent Customs duty cut has sparked a gold rush, driving ETF inflows to their highest level since February 2020

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Updated On : 11 Aug 2024 | 11:03 PM IST

Statsguru: Customs duty revisions in Budget aimed to boost manufacturing

The share of Customs duty in India's gross tax receipts has more than halved in the past decade

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Updated On : 04 Aug 2024 | 10:16 PM IST