Custom Duty
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Customs: CHA cannot be denied Section 28(6)(i) benefit if same allowed to company & its Managing Director
Customs Duty Exemption cannot be denied for procedural lapse
Penalty u/s 144AA unsustainable as no evidences showing knowledge of fraud to appellant
Export duty removal on steel will strengthen steel sector
Disposal of confiscated gold during Pendency of Appeal Violates Natural Justice Principle
Appeal not required to be filed for Refund of Duty paid based on mere letter from Department
Lower IGST rate benefit available to fire sprinklers
Time limit prescribed u/s 130(A)(4) of the Customs Act is directory
Provisional release granted to dry dates being perishable goods
Exemption from additional duties of customs available to hard disk drives
Matter remanded to re-look non-imposition of penalty u/s 114
Presumption of smuggled goods without evincing illicit trafficking is incorrect
Government withdraws export duty on Steel
Govt withdrawn AIDC exemption on Anthracite, PCI Coal & Coking Coal
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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