Custom Duty
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CAG Flags ₹747 Crore Revenue Risk in Customs and Export Incentives
CAG Audit Finds Major Delays and Manual Processes in Duty Drawback Claims
IGST Exemption on imports of COVID19 relief material donated from abroad
Kolkata Customs seize 25 antiques idols valued at Rs 35.3 crore
Enhancement of CRCL and Contactless Customs
TFA on Customs side is as important as GST in Indirect tax reform
Facilitation of trade relations between the BBIN countries
Custom House, Chennai to function on 29th, 30th and 31st 2013
Seizure of 115 packets of cannabis weighing 2344.40 Kg. valued at Rs. 70.33 lakh – by DRI, Guwahati Regional Unit
Seizure of Fake Indian Currency Notes (FICN) having total face value of Rs.12,90,500/- by DRI Siliguri Regional Unit
Seizure of 06.050 kgs of Ketamine Hydrochloride valued at Rs.60 lakhs by Air Intelligence Unit, Cochin International Airport
Misuse of Duty Free Credit Entitlement Certificate Scheme by M/s. V.K. Udyog Ltd.
Seizure of 6110 Kgs. Of Red Sanders Wood Having Total Seizure Value Rs. 69.94 Lakh
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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