Custom Duty
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Goods smuggled from Foreign Origin without customs clearance in absence of reasons to believe was invalid
Advisory: Temporary Suspension of IGST/RoDTEP/RoSCTL/Drawback Scrolls
SAD Refund Cannot be Denied by treating Correlation Certificate Issued by CA as invalid
Customs duty Refund transfer to Consumer Welfare Fund: HC directs re-adjudication
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CAAR cannot give ruling on question regarding duty drawback
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CBIC notifies third tranche of India-UAE CEPA
Revised Tariff Values for Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 16.03.2024
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CBIC notifies concession to imported EVs to to promote EVs manufacturing in India
CBIC extends ADD on Aluminium Road Wheels imported from China PR
CBIC notifies India’s Customs Cooperation Agreements with Global Partners
Roasted Areca Nuts falls under Custom Tariff Heading 20081920: CAAR Mumbai
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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