Custom Duty
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No penalty for mere mentioning of wrong section if case not falls under Section 114(i) of Customs Act: SC
Imposition of penalty on the basis of mathematical variation is unsustainable
CESTAT must check That Notice Was Properly Served before Passing Order
HC allows rectification of Mistake of GSTIN in bills of entries
Handheld enterprise mobile computers classifiable under subheading 84713090
Nokia 7210 SAS products classifiable under subheading 85176290 as routers
Intelligent flight batteries classifiable under subheading 85076000
In absence of test reports & details of composition of goods they cannot be treated as identical or similar
Export obligation discharge certificate (EODC) – CESTAT allows extended period to fulfill export obligation
Imposition of CVD on Saccharin Imported from Thailand
CBIC notifies Customs Exchange rate for Import & Export wef 21.10.2022
Alloy Steel Forging requiring further operation to be used as Rings for Bearing is classifiable under 7326
Project Imports (Amendment) Regulations, 2022
Govt imposes Anti-Dumping duty on ‘Electrogalvanized Steel’ import
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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