Custom Duty
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CESTAT Quashes Penalty on Customs Broker for Lack of Evidence of Due Diligence Failure
CBIC Ends Mandatory Duplicate Testing of Export Samples Because It Caused Delays
CBIC Waives Merchant Overtime Charges to Boost International Cruise Operations
Mere Absence of Heavy Machinery Not Proof of Diversion of Imported Gold & Silver
CESTAT Sets Aside Cigarette Smuggling Penalties for Failure to Identify Actual Importer
Customs Broker’s Due Diligence Failures Warrant Penalty, Not Licence Cancellation: CESTAT Chennai
Local CE Report Cannot Override Valid Load-Port Certificate Without Evidence: CESTAT Chennai
Differential Duty Restricted to Normal Period as AKD Wax Classification Was Previously Accepted
CESTAT Directs Reconsideration of BIS Compliance Dispute Over Sanitary Napkin Imports
CESTAT Bars Customs From Extending Findings of Two Tested Mica Imports to 72 Earlier Consignments
Customs Appeals Rejected as Identical Overvaluation Allegations Were Already Decided Earlier: CESTAT Mumbai
CESTAT Sets Aside Customs Demand as Certificate of Origin Was Rejected Without Prescribed Verification
SAD Refund Cannot Be Rejected for Invoice Endorsement Defects: CESTAT Chennai
CBIC Issues Customs Instruction as MeitY Expanded Compulsory Registration Coverage to Standalone Hard Disk Drives
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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