Custom Duty
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Reasons should be recorded when Central Government opines non-imposition of anti-dumping duty and designated authority recommends imposition
Health Warning on both sides of tobacco product packages covering 85% of display area
Implementation of E-Waste (Management) Rules, 2022
Direction of higher authority is binding upon lower authority
ADD on Fishing Net originating in or exported from China extended
Revised guidelines for Back to Town (BTT) of Export Cargo
CBIC notifies Customs Exchange rate for Import & Export wef 6th January, 2023
Bail granted as arrest memo didn’t contain gist of alleged offence
Customs broker cannot be held liable for undervaluation of exported goods
Notification No. 01/2023-Customs (N.T.), Dated: 04.01.2023
CESTAT discuses Restrictions by MEA on vessel imported for breaking purpose
Benefit of concessional rate of customs duty for importing equipment for its solar power project – HC grants interim relief
Conversion of free shipping bills to Advance Authorization allowable on satisfying circular 36/2010 conditions
Order not clarifying on the fundamental charge is liable to be set aside
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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