Custom Duty
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Customs Act Notification No. 48/2024: Adjudicating Authority appointment
SAD refund should be claimed within one-year from the date of payment
Customs Brokers Not Liable Once Address Verification Completed: CESTAT Delhi
Amendments to Customs Notifications on Electronics Imports
CESTAT Dismisses Appeal Below Rs.50 Lakh Duty Threshold: CBIC Circular Impact
CA Certificate Sufficient & Valid for SAD Refund: CESTAT Bangalore
Unjust enrichment not applies to deposit under protest; CESTAT allows 6% interest on deposit
Classification of Viewsonic computer monitors under Customs Act 1962
Right to Cross-Examination: Not Absolute, Depends on Case Specifics
Implementation of Sea Cargo Manifest and Transshipment Regulations (SCMTR)
Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2024
CBIC’s Exchange Rate Automation Module (ERAM) Effective from July 4, 2024
ICEGATE Implementation at non IT/ITES SEZs from 01.07.2024 – Clarification
Govt revises Tariff Values for Edible Oils, Metals, Areca Nuts wef 29.06.2024
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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