Custom Duty
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Customs Broker Not Liable for Exporters’ Overvaluation: CESTAT Mumbai
CESTAT Quashes Differential CVD Demand on Revised MRP of Imported Goods
Customs Cannot Demand Differential Duty Without Challenging Self-Assessment: Tripura HC
Orissa HC Upholds Seizure of Cash, Gold & Vehicles Under BNSS During Criminal Investigation
Madras HC Quashes Drawback Recovery Initiated After 7-Year Delay Without Fraud Allegation
Quick Lime Classifiable Under CTH 25221000, Not Chapter 28; CESTAT Hyderabad
Certificate of Origin Cannot Be Discarded Without Prescribed Verification Under India–Thailand FTA: CESTAT Mumbai
Customs Cannot Deny FTA Benefit Without Verifying Certificate of Origin: CESTAT Ahmedabad
Customs Duty Demand Set Aside as Time-Barred in FTA Certificate of Origin Dispute: CESTAT Ahmedabad
Customs Duty Demand, Confiscation & Penalties Set Aside for Failure to Prove Undervaluation: CESTAT Chennai
CBIC Appoints CAA for Multiple Customs Notices Against Inditex Trent Retail India
CBIC Revises AIR Duty Drawback Rates for Gold and Silver Jewellery
Director’s Position Alone Cannot Justify Customs Penalty; ₹1 Crore Levy Quashed: CESTAT Ahmedabad
CESTAT Upholds Confiscation of 26 Gold Biscuits, Releases Gold Ornaments, Gold Bar & ₹1.88 Crore Cash
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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