Custom Duty
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CESTAT Grants Interest on Delayed Refund from 3 months after initial application’s date
Goods Cleared for Home Consumption Not Liable for Seizure: Punjab HC
Provisional release granted due to inaction on part of Custom department
Customs Act : Section 51 Deposit Exemption Extended to Dec 1, 2023
CBIC exempt deposits into ECL till 30th November 2023
Circular 36/2010 Customs dated 23.09.2010 is ultra vires of section 149 of Customs Act
SC Upholds CESTAT Ruling on Oil in Bunker Tanks as Integral to the Ship
CESTAT Upholds Cenvat Credit Refund of Input Services Related to Finished Goods Manufacturing
Nikon Camera Model No. N2120 with standard accessories classifiable under Sub-heading 85258900: CAAR
CESTAT Kolkata reduces Penalty in Red Sanders Wood Export Case
Customs Exchange Rates effective from September 22, 2023
CESTAT Virtual Hearings & Procedures
Release of seized gold refused as general corroboration sufficient to seize smuggled gold
Customs Authority Ruling on Amazon Echo Dot Classification
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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