Custom Duty
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CBIC exempt certain entries from Social Welfare Surcharge (SWS)
Customs Duty Rates for Imported Spent Catalysts & Ash Containing Precious Metals in India
No Notice under Customs Act Section 110(1); Delhi HC Directs Release of Seized Goods
Notification No. 06/2024-Customs (N.T.) Dated: 19th January, 2024
Notification No. 05/2024-Customs (N.T.) Dated 19th January, 2024
Delhi HC Directs Release of Seized Foreign Currency after realizing redemption fine & penalty
Customs Exchange Rates effective from 19th January, 2024
Classification of Import Plain Rolls: CAAR Mumbai Ruling on Polyester, Nylon, Taffeta, Satin
Customs Duty chargeable on Value of Bra Cup Pairs Used in a Single Brassiere: CESTAT
HC upholds Prohibition on export of Non-Basmati Rice due to non-payment of export duty
Appointment of Adjudicating Authority for M/s Ecoclean Machines Pvt. Ltd SVB Case
Goods even if remote possibility of being found prohibited or restricted at time of adjudication, could not be subjected to non release u/s 110A
CESTAT Upholds Removal of Customs Duty Differential Demand on Imported ‘Poppy Seeds’
Budget 2024-25: Changes in ICES by Directorate General of Systems
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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