Custom Duty
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Change of description doesn’t amount to misdeclaration in absence of evidence
Extended period not invocable if department was fully aware of import
Goods ordered to be provisionally released after complying with requirement are not liable for confiscation
Imposition of penalty u/s 112(a) on an abettor without any mens rea is unsustainable
Amendment to Transhipment of Cargo to Nepal under Electronic Cargo Tracking System Regulations, 2023
Ranger (non-electric) and Ranger (electric) is classifiable under CTH 8704 and CTH 8709 respectively
Filing of an appeal against order whose correctness was decided by High Court is untenable
Correct classification of ‘tomato dry flavour’ is CTH 3302 10 10
Suspension of Customs Broker Licence without affording adequate opportunity of being heard is unjustified
Declared transaction value cannot be rejected without cogent reasons prescribed in Customs Valuation Rules
Alleged Undervaluation of Lamination Pouch Imports – Bail Granted in Mumbai DRI Case
Refund claim not maintainable in absence of any challenge to assessment order
Understanding Related Party Imports: Key Valuation Aspects & Compliance
Exchange Rates for Imported & Exported Goods with effect from 07th July, 2023
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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