Custom Duty
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Anti-Dumping Duty Imposed on Chinese Flat Base Steel Wheels
Without proper Reason Enhancement of Imported Goods’ Value Not Sustainable
CESTAT Confirms 6% Interest on 253-Day Delay in Customs Duty Refund
Differential duty demand unsustainable if Original Bills of Entry Assessment not challenged
Appellate authority cannot reject refund on a ground not indicated in SCN
New Export Obligation Monitoring SOP for EPCG & Advance Authorization
CBIC notifies New Land Customs Station at Nischintpur Railway in Tripura
Exchange Rate Notification No. 64/2023-Cus (NT) dated 06.09.2023
Resorting to provisional assessment without doubting/ rejecting load port test certificate unjustified
Key Amendments to Customs Post Clearance Audit Work
CBIC revises effective duty for certain products wef 6th September, 2023
Conversion of shipping bills from drawback to DEPB Scheme Allowable
Dismissal of appeal by Tribunal without hearing matter on merits unjustified
Extended Amnesty Scheme for Export Defaults by Advance & EPCG Holders
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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