Custom Duty
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Writ filed in case of differential duty in respect of portable emergency lamp after 16 years needs reconsideration
Interest u/s 27(A) gets applicable after expiry of 3 months from date of receipt of refund application
CBIC notifies Customs Exchange rate for Import & Export wef 03.03.2023
List of 122 Booking Post Offices to accept consignments for export
Anti-dumping duty not payable on import of Aluminium Alloy Coils
Tariff Notification No. 11/2023-Customs (NT) Dated: 28th February, 2023
CBIC Instruction on Completion of Data Entry in DIGIT for Customs Cases
Duty exemption on tag, tracking device or data logger already affixed on container at the time of import
Penalty u/s 112(a) & (b) of Customs Act based on retracted statement unsustainable
Classification of Routers connecting two or more packet-switched networks
Thermal Printer Ribbon correctly classifiable under CTH 84439959
Conditions for claiming benefit of exemption notification no. 52/2003 are to be strictly interpreted
Revocation of customs broker licence justified on failure to verify correctness of documents
CBIC exempts BCD on ships/ vessels for breaking up
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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