Custom Duty
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Customs broker doesn’t require to obtain certificate of bonafide exporter from any officer
Postal Export (Electronic Declaration and Processing) Regulations, 2022
Exports by Post (Amendment) Regulations, 2022
Tribunal cannot reconsider its previous decision
Postal Export (Electronic Declaration and Processing) Regulations, 2022 and implementation of PBE Automated System
Penalty u/s 114AA leviable due to unauthorized modification/ alteration in shipping bill
Notification No. 102/2022- Customs (N.T.) | Dated: 08.12.2022
Duty drawback already paid needs to be remitted as sale proceeds not received by exporter
Classification of imported Fuel Cell System for use in manufacturing of Hydrogen Fuel Cell Vehicles
Special Valuation Branch (SVB) under Customs – Valuation for Goods imported from Related Parties
Refund of SAD paid via DEPB Scrip is available
Confirmation of penalty u/s 112 of Customs Act to non-importer is unsustainable
Effective date of Notification would be the date on which it has been digitally signed
Evidence for allegation of goods being smuggled in nature lays on revenue
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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