Custom Duty
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Classification & Exemption notification applicability on Telematics Control Unit
Erroneous Classification Not Misdeclaration: CESTAT Deletes Section 114AA Penalty
Small Quantity Differences not Justify Mis-Declaration Allegations: CESTAT
Anti-Dumping Duty leviable on Reflective Glass: 04/01/2009 to 22/05/2009
Interpretation of policy provisions lies within jurisdiction of DGFT: CESTAT Bangalore
CESTAT Sets Aside Penalty for Alleged Dummy Import: No Corroborative Evidence
Netlink Eligible for 10% Duty Reduction on PCBs for Telecom Equipment: CAAR Mumbai
Courier license cannot be revoked for Omission to Appoint Authorized Person for Courier Bill of Entry
Govt revises Tariff Values for Edible Oils, Metals, Areca Nuts wef 1.06.2024
Burden of proving communication of Order lay with customs authorities; Limitation period starts from communication date
In absence of specific provisions Interest & penalty on CVD cannot be demanded
Disbursal of Drawback amounts into exporters’ accounts through PFMS
Appointment of Approved Valuers/Assayers for Gold & Jewelry Valuation
CESTAT Chandigarh dismisses 26 appeals due to low tax effect
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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