Custom Duty
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CVD based on retail sale price in case of prepared glues and other prepared adhesives justified
Madras HC Orders Customs to Consider allowing Re-export of Link Samahan
Unjustified delay: Delhi HC Rejects Appeal by Commissioner of Customs
Provisional Release of Seized Goods: Madras HC Orders Hearing Opportunity
CBIC releases National Time Release Study (NTRS) 2023 report
Direction of absolute confiscation and re-export on payment of redemption fine is meritless
Notification No. 44/2023-Customs: Exchange Rates for Imported & Exported Goods
Govt simplifies Regulatory Framework for e-commerce Export of Jewellery via Courier Mode
Tariff Notification No. 45/2023-Custom (N.T.), Dated: 15.06.2023
Notification No. 43/2023-Customs (N.T.) Amends Courier Imports & Exports Regulations
Used Rails falls under CTH 7302 and not CTH 7204
Customs Broker Accountable for Employee’s Misrepresentation: CESTAT
CESTAT Allows Interest on Auction Sale Proceeds: From Receipt to Disbursal
Govt reduces BCD on Refined Soya Bean Oil & Sunflower oil to 12.5%
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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