Custom Duty
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Customs Duty Demand for Undervalued Plastic Granules Quashed
Customs Duty Payable for Unfulfilled Export Obligation: SC
Circular No. 27/2023-Customs: Updates on Postal Export Regulations
Kronos 4500 Touch ID Terminal Chips are Classifiable under the Category of Electrical Machines and Apparatus
Imported product which functions like badge reader is rightly classifiable under Chapter 8543
CESTAT directs consideration of Fresh CA’s Certificate in SAD refund Dispute
Notification No. 80/2023-Customs (N.T.): Customs Officer Appointments & Adjudication
Commissioner Cannot Condone Customs Act Appeal Delay Beyond 30 Days: HC
No Penalty on CHA for Overvaluation in Export: CESTAT Kolkata
IGST @ 18% leviable on import of Nutritional Supplements
CESTAT Appeals dismissed, in consequence to NCLT Order
Tariff Values for Edible Oils, Brass Scrap, Areca Nut, Gold & Silver from 01.11.2023
Higher redemption fine and penalty imposable for repeated violation of Minimum Import Price
Importer cannot be forced to follow non-beneficial provision: CESTAT Kolkata
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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