Custom Duty
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No Misdeclaration despite incorrect label if Composition of reimported Fabric Unchanged
CESTAT Dismisses Revenue’s Appeal, Confirms Final Classification of ‘Martek DHA
India Imposes Countervailing Duty on Chinese Pigments
India Imposes Anti-Dumping Duty on PPMs
SC 2024 Review: Canon India & DRI’s Customs Role
CESTAT Upholds Penalties for Misdeclared & Undervalued Glass Chatons
No Penalty/Fine under Custom Act If Confiscation Set Aside: CESTAT Chennai
CESTAT Abates Customs Appeals Following Sole Appellant’s Death
Clutch Cylinders Classified as Vehicle Parts, Not Hydraulic Motors, Rules CAAR
Insulated Gate Bipolar Transistors (IGBTs) falls under CTH 85412900: CAAR Mumbai
Animal Feed Additive ‘XYLAMAX’ Classified as a Preparation, Not an Enzyme, Rules CAAR
CAAR Mumbai classifies roasted cashews under CTI 20081910
Viewsonic Data Projectors Qualify for Duty Exemption: CAAR Mumbai
CAAR Allows Withdrawal of Classification Request by Barentz India
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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