Custom Duty
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Detention of worn jewellery untenable as covered within ambit of personal effects
Redemption Fine & Penalty Levied for Misdeclaring Restricted ‘Natural Garnet’ as ‘Abrasive Grain
Penalty u/s 112 was leviable as PSIC was not issued by DGFT-approved agency for Mauritius
MOOWR Scheme: Online Application Portal Removed
Electronic Certificate of Origin Accepted Under India–Mauritius CECPA
Customs Act: Kerala HC Quashes Order for Denial of Mandatory Personal Hearing u/s 28(8)
Styrene Butadiene Copolymer classifiable under CTH 3903 and not under CTH 4002
Customs Broker Not Liable for Importer’s Suppressed Transaction Value; Penalty Set Aside
Penalty u/s 112(a) and 112(b) for smuggling of 3kg gold concealed in shoes via Airport Staff reduced from Rs. 30L to Rs. 10L
Purchasing gold without bill doesn’t confirm act of smuggling of gold: CESTAT Delhi
CESTAT Quashes Penalty as Export Confiscation Already Set Aside
Calcutta High Court Dismisses Challenge to Anti-Dumping Duty
Refund of anti-dumping duty when paid by mistake in self-assessment as it lacks legal character of ‘duty’
Amendment to notification No. 146/94-Customs: Serial Number 10A Omitted
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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