Custom Duty
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Customs Broker not liable for non-tracing of exporter post issuance of Let Export Orders
Customs Exchange Rates effective from 5th January, 2024
Ingredient of product having oils of fish is rightly classifiable under CTH 1504
Unjust Enrichment Bar Not Applicable Due to Ongoing Vessel Usage
Main MIC Dust Protective net classifiable under Tariff Heading 59119090: CAAR
Flanges are parts of WOEG & are classifiable under 8503 & eligible for Excise duty exemption
Department bears burden of Verifying benefit eligibility for notified imported Goods
Updation of changes vide Budget 2024-25 in System
Customs Circular 01/2024: Authorization of Booking Post Offices
Customs Exchange Rates effective from 2nd February, 2024
Classification of DWDM & OTN Technology: CAAR rejects Application
Video projectors classifiable under Heading 85286100 & entitled for Customs Exemption
Customs Tariff Amendment: Notification No. 09/2024-Customs
CBIC amends BCD rate on specified parts/sub-parts of cellular mobile phone
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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