Custom Duty
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Import of Medical Devices as per requirements of Medical Devices Rules, 2017
Customs Act: HC grants bail to accused as Gold Value was than less Rs. 1 Crore
ICEGATE Registration and Procedure
Tariff Notification No. 07/2023-Customs (N.T.), Dated: 31.01.2023
Procedure to be followed for scanning of containers selected for scanning at Port
When & How to Strike Off Name of LLP from Register of LLPs
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High Court can’t answer classification of products under Customs Tariff Act as it requires Technical Analysis: Calcutta HC
No custom duty recovery on import of aircrafts in absence of findings by Competent Authority
Amendment to Instructions on extension of Requirement of Health Certificate accompanied with import of food consignments
Cancellation/Holding of swapping order of Export Quota for export during Sugar Season 2022-23-Reg.
ADD on Phthalic Anhydrid import from China, Indonesia, Korea RP & Thailand Reg.
Presidential Award of Appreciation Certificates & Medals announced to CBIC officers on Republic Day, 2023
Mere wrong classification doesn’t amount to mis-declaration/ mis-statement
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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