Custom Duty
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Classification of UPS for Exemption under Notfn No. 25/2005: CAAR Delhi Ruling
Penalty or Redemption Fine when Bill of Entry Finally Assessed at Declared Value?
Customs exemption available to PET granules under input category used during manufacture of moulds
Value fixed by Valuation Committee adopted without revealing methodology and basis is incorrect
Goods Cleared Without Lab Test and Claimed Mixing in Tank as Afterthought: CESTAT rejects appeal
Implications of Initiating Tax Proceedings Against a Deceased Person
Enhancement in Value based on Chartered Engineer certificate – CESTAT reduces redemption fine & Penalty
Amendment in Customs Exchange Rate for Turkish Lira from 24th June, 2023
Goods not meeting requirements of under Chapter Note 4 of Chapter 27 cannot be classified under CTH 27101920
Provisional release of goods directed on payment of enhanced customs duty
Mere sending of Order by registered post not amounts to valid service
Provisionally preserved Areca nut falls under Customs Heading 0812: CAAR
Penalty not leviable if Department was not sure of the provision of law
CESTAT rules against Extended Period of Limitation for Evaporation Loss Demand
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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