Custom Duty
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Customs G-Card Requirement Review: Instruction No.12/2024
India-UAE Certificate of Origin Verification: New Procedure
India-Korea E-CoO Acceptance: Clarification from CBIC
CBIC amends Notification relating to AIRs of Duty Drawback
Tariff Value wef 1st May 2024 of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver
Appointment of Customs Adjudicating Authority for Tyco Fire & Security India Pvt. Ltd
Procedure for filing and processing of Bill of Entry amendment requests
Classification of Bronze Cladding Panels: Customs Ruling
Basic Customs Duty exempt on imported Zinc Oxide used in manufacture of PCFP
Instructions for Drawback Queries & Physical Interface Reduction
18% IGST on Nutrition/Dietary Supplements (HSN 21069099): CESTAT Ahmedabad
Imported Second-Hand Medical Devices with 5+ Years’ Residual Life Exempt from ‘Waste’ Definition
Advance ruling application may be withdrawn at any time before pronouncement: CAAR
Drawback & ROSCTL Benefit Cannot be Denied for Procedural Lapse in circular
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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