Custom Duty
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Order quashed as notice failed to state allegations relating to violation of regulation by Customs Broker
Customs and excise department doesn’t have priority over secured creditors: Madhya Pradesh HC
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Retrospective issuance of certificates of origin under India-UAE CEPA
Custom Brokers Licensing Regulations 2018: Time-Limits Mandatory?
Availing Carnet De Passage benefit by mis-declaring purpose of export of Ferrari Motor Car unjustified: CESTAT Bangalore
Penalty alleging foreign origin gold set aside as documents not examined by department: CESTAT Hyderabad
Payment of management & license fee not relatable to imported goods not includible in transaction value
Valuers Appointment for Gold & Jewelry at Chennai Airport
Bombay HC Orders New Affidavit in Customs Case
Tariff Value Updates for Palm Oil, Gold, and Areca Nuts wef 16th Oct 2024
CAAR Ruling on SFP Classification: In re Nokia Solutions
Confiscation of 3 out of 10 alleged Foreign-Origin Gold Bars was set aside on failure to prove defacement
Import of old and used worn clothing articles without valid specific license unjustified: CESTAT Kolkata
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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