Custom Duty
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No Penalty leviable merely on basis of Speculations
CBIC notifies Customs Exchange rate for Import & Export wef 16.12.2012
Tariff Notification No. 108/2022-Customs (N.T.) | Dated: 15th December, 2022
Revenue needs to establish the smuggled nature of the goods
CBIC notifies Kakrawah as LCS for clearance of any class of goods
Rate of duty/ exemption prevailing at time of filing ex-bond bill of entry is available
Sugar Policy and Sugar Mill wise export quantity of sugar for export in sugar season 2022-23
CBIC notifies inclusion of Land Customs Stations (Bhithamore and Barhni)
CVD provision based on international treaty shall be interpreted as per treaty obligations
Oil in bunker tanks in engine room of vessel is classifiable under CTH 8908
Classification of imported Processed API Betel-nut product known as Supari
Classification of Processed API Betel-nut product known as SUPARI
Custom broker is not responsible for overseeing correctness of documents issued by Government Authorities
Notification No. 105/2022-Customs (N.T.), Dated: 09.12.2022
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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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