Custom Duty
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Nicotine Sulphate Is Vegetable Alkaloid, Not Tobacco Product for Excise Duty: CESTAT Ahmedabad
CESTAT Chennai: Revenue Fails to Prove Reclassification of Imported Gears Under CTH 8708
CESTAT Mumbai Set Aside Undervaluation Demand for Non-Compliance with Section 138C
MeitY Extends TV Set IS 18112:2022 Compliance Deadline to 2027
Bluetooth Headsets Classifiable Under CTH 85176290, Not 85183000: CESTAT Chennai
CAAR Mumbai Reclassifies Pelaforce Extract Under CTH 1302, Grants Customs Duty Exemption
SC Upholds CESTAT Order Rejecting Customs Demand Based on Uncertified Electronic Evidence
Managing Partner Liable for Customs Penalty Despite Penalty on Firm: CESTAT Hyderabad
CESTAT Awards 12% Interest on Refund of Investigation Deposit, Rejects 6% Rate
Supplies to SEZ May Qualify as Exports for CENVAT Refund: Bombay HC Remands Matter
CBIC issues SOP for Customs Clearance of Imports through Foreign Post Offices
Transaction Value Can’t Be Rejected Solely on DGOV Valuation Guidelines: CESTAT Chandigarh
Customs Refund Claim Not Maintainable Without Reassessment of Bill of Entry: CESTAT Chennai
Finance Ministry Continues Anti-Dumping Duty on Phthalic Anhydride from China & Korea
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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