Custom Duty
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MEIS claimed on goods of foreign origin – CESTAT reduces Redemption fine & Penalty
Revocation of customs broker license unreasonable in absence of violation of Regulation 10(a), 10(d) & 10(n)
Time limit stated under Regulation 17(7) of CBLR, 2018 is mandatory in nature
Classification & Exemption of Projectors for Automatic Data Processing Machines
Import/Release of Goods without Ownership Transfer Not Permissible
Tariff Notification No. 04/2023-Customs (N.T.) Dated: 13th January, 2023
CBIC exempt COVID-19 vaccines from basic Custom duty till 31.03.2023
Whether Supply from SEZ to EOU is Import for EOU & Custom Duty Applicable?
Commissioner (A) should consider order Passed by it in past for Similar Goods
Faceless Assessment – Standard Examination Orders through RMS – Phased implementation of Standardized Examination Orders through RMS
Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023
Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 (CAVR, 2023)
Re-exporting of goods without payment of customs duty not permissible on expiry of bonded period
SOP to deal with Customs clearance of fresh fruit consignments
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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