Custom Duty
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Procedural Lapse Shouldn’t Hinder Customs Duty Benefit: CESTAT Kolkata
No Grounds for Suspending Customs Broker License Without Deliberate Duty Evasion
Transaction value can be rejected only on extraordinary or special reasons & considerations
Bombay HC grants petitioner liberty to raise all contentions before the CESTAT
Anti-Dumping Duty on Synthetic Grade Zeolite 4A Imports from Thailand & Iran
Corrigendum to Notification No.12/2023-Customs (ADD) Dated: 11.12.2023
Delhi HC Dismisses PIL Challenging Customs Circulars on Gold Seizures
Commissioner of Customs Empowered for Sanction in Gold Smuggling Case: Kerala HC
Kerala HC explains grounds for interfering against invocation of a bank guarantee
Kerala HC Orders Release of Imported perishable Goods on payment of differential duty
CESTAT allows benefit of exemption under Notification 102/2007-Cus., even without endorsement
UPVAT: Turnover cannot be enhanced arbitrarily in absence of substantial reasons
Kerala HC Dismisses Writ Petition on Restoration of Customs Appeal
Rejecting Transaction Value Based on Assumption Contrary to Customs Act Section 14 & Valuation Rules 8
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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