Custom Duty
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Concessional BCD on Liquified Propane & Butane | Notification 44/2023-Customs
Customs Duty Hike on Liquified Propane & Butane | Notification 43/2023
Section 14 of Customs Act not relevant to rough diamonds as same are leviable to NIL duty
Corrigendum to Notification No. 38/2023-Customs (N.T.) dated 23.05.2023
Low Aromatic White Spirit is rightly classifiable under the CTH 27101990
Mayhem of “Alert” In Customs
Mandatory Additional Qualifiers in Import/Export Declarations
Notification No. 49/2023-Customs (N.T.), Dated: 30.06.2023
Notification No. 48/2023-Customs (N.T.) | Dated: 30th June, 2023
Updated Tariff Values for Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver – Notification 47/2023-Customs
Amendment to Notification No. 11/2021-Customs: Prescribing AIDC Rate for LPG
Amendment to Notification No. 50/2017-Customs: Prescribing BCD for LPG
Increase in Standard Tariff for LPG under Customs Tariff Act, 1975
Tribunal held classification of Non Textured Fabrics must be based on nature and material coated
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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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