Custom Duty
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Customs duty benefits for import of parts in cellular phone manufacturing: CAAR Ruling
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Notification No. 39/2024-Customs: Adjudicating Authorities Appointed
Classification of KONIX KE-810, FA-505 and KE-880S CAAR Ruling
Import Classification & Duty Exemption: Vessel UOL Tigerfish – Withdrawal of Ruling Application
No confiscation & redemption fine when issues relates to interpretation
No Customs Act Penalty for mere Early Arrival of Over Dimensional Cargo
Royalty not includible in Assessable Value: Not for Imported Goods or Sale Condition
Extension of Last Date Due to Holiday to Immediate Next Working Day: CESTAT Upheld Reduced Penalty Benefit
Typographical Error in Bills of Entry: Custom duty leviable on actual goods imported
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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