Custom Duty
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Refund claim of SAD under notification 102/2007-Cus should be filed within one year from date of payment of SAD
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Classification of ‘Data Projector’ (Model – ZH 350, ZW350e, ZX 350e)
CAAR cannot issue a ruling on difficulties in compliance to circular no. 51/2020
Turkish Lira Exchange Rate for Import & Export from 09.06.2023
CBIC notifies Exchange rate of Turkish Lira for Import & Export wef 08.06.2023
Benefit of no duty import allowed when goods jointly imported by financing company and EOU
Filing of B/E u/s 46 inapplicable for gold jewellery, exported for exhibition, being re-imported
CBI Arrests Arrests Customs Officers in Mumbai
Circular No. 16/2023-Customs: Pre-import Condition & Implications on IGST & Compensation Cess
New Mandate on Import/Export Declarations effective from 1st July 2023
Demanding duty drawback unsustained as payment for goods exported duly received
Classification of Optoma Creative Touch-3 Series Interactive Flat Panel (IFP)
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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