Custom Duty
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CESTAT Reduces Penalty for Negligence in Import Declaration Due to Lack of Malicious Intent
Mis-declaration cannot be alleged with Incomplete Evidence & Violation of Natural Justice
Show Cause Notice Issued Under Wrong Section Void: CESTAT Kolkata
CESTAT Remands Appeal for Time-Barred Dismissal: Refund Claim for Anti Dumping Duty
CAAR Cannot Rule on Goods’ Classification Under Quality Control Order, 2022
CAAR cannot give advance ruling on the intent of notification
Roasted Areca/Betel Nuts classifiable under CTI 2008 19 20
Differential duty paid on expiry of export obligation period hence no violation of condition of advance license
Revised Tariff Values for Edible Oils, Brass Scrap, Areca Nut, Gold & Silver from 24.10.2023
No Penalty/Redemption Fine When Goods Allowed To Be Re-Exported
70% Max Depreciation Allowed on Imported Second-Hand Machines: CESTAT Kolkata
No interest on excise duty refund granted within 3 months as prescribed U/s. 18(4)
Circular Cannot Introduce New Exemption Conditions: CESTAT Kolkata
Rejection of declared value based on NIDB data on similar goods unsustainable
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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