Custom Duty
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CESTAT Chandigarh Reduces Redemption Fine to 10% of Goods Value
Appropriate Rate of Duty’ Includes ‘Nil’ Rate: CESTAT Grants EOU Duty Exemption
Customs Broker’s Failure in Client Verification: CESTAT Upholds Security Deposit Forfeiture
Issue of notice after six years of export is unsustainable-in-law: CESTAT Chennai
Gold Kada Worn by Sikh Man is Personal Effect, Delhi HC Orders Release
Paper Cup Machines Transaction Value Cannot Be Rejected by replying on Set-Aside Order
Wind Turbine Towers are parts of wind electric generators: CESTAT Chennai
SC Dismisses Centre’s Appeal Against Siddhi Vinayak Syntex Over Tax Demand Limit
Cash Refund Not Allowed for EOU-to-EOU Clearances on IUT Basis: CESTAT Bangalore
Seaweed Concentrate is Fertilizer Not Plant Growth Regulator: CESTAT Mumbai
Classification of Nightfox Night Vision Devices: CAAR Ruling
Refund of CVD & ACD cannot be rejected on mere apprehension
Customs Writ Dismissed due to negligible amount of drawback & penalty
CAAR Classifies Zinc Oxide Mixture as Skin Preparation under CTH 33049990
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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