Custom Duty
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Bombay HC Dismisses Section 130 Customs Act Appeal Lacking Substantial Question
CAAR Clarification on Anti-Dumping Duty for Skid Steer Loaders
CAAR Mumbai Classifies Digital Duplicator & Spare Parts Under Customs Tariff Act
Section 114AA Penalty Quashed Due to Lack of Evidence Challenging Assessment Orders
Interest payable from date of refund application and not from date of passing of refund order: Bombay HC
Non-Levy of Customs Duty on the import of Simply Sawn Diamonds
Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 24.10.2024
Implicating Customs Brokers as co-noticees in cases involving interpretative disputes
Passenger Name Record Information (First Amendment) Regulations, 2024
Govt imposes Anti-Dumping Duty on Isopropyl Alcohol import from China
Govt imposes Anti-Dumping Duty on Sulphur Black import from China
ADD Imposed on Cellophane Transparent Film import from China
Anti-Dumping Duty Imposed on TPU Imports from China
Govt amends Export Duty on Certain Varieties of rice
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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