Custom Duty
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Reassessing ‘cameras’ under general description instead of declared specified classification unjustified
Breach of regulation 11(m) of CBLR unsustainable as sub-let owner failed to dealt with export consignment
DEPB license obtained based on fabricated documents – Penalty upheld
Benefit of exemption notification no. 102/2007 not deniable alleging imported goods were sawn and sold in DTA
Suspension of Customs Broker license at the stage of Show Cause Notice unjustified
Cross examination cannot be denied stating that no purpose will be achieved
Adjudicating Authority cannot go beyond the Scope of SCN: CESTAT
Exchange rate applicable will be rate on date the warehousing bill of entry was filed for putting goods in bond
Reassessment cannot be requested by party who self-assessed its Bill of Entry
Customs broker cannot allow its licence to be used by someone else
CBI Arrests A Customs Superintendent & An ACIT
SC directs Govt to levy Provisional Anti Dumping Duty on LDPE
Anti-dumping duty is leviable based on commercial supply of item in the domestic industry
Notice after 9 years of Bill of Entry cannot be treated as notice within a reasonable period
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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