Custom Duty
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Application for alteration of title of shipping bills to advance authorization scheme allowed
Penalty u/s 112(b) of Customs Act, 1962 unsustainable in absence of sufficient evidence
Benefit under notification available even at later stage
Benefit of exemption notification no. 99/2011-Cus available on the basis of transhipment permit
Customs Valuation: Additional Obligations in respect of Identified Goods
Tariff Notification No. 88/2022-Customs (N.T.) | Dated: 10th October, 2022
Amendment in Import Policy Condition of Fresh (green) Areca Nut from Bhutan
Draft Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2022
SC: Liability to pay customs duty invocable when DEPB license is fake/forged
Requirement of Health Certificate to be accompanied with import of certain food consignments modified
CBIC notifies Customs Exchange rate for Import & Export wef 7.10.2022
Router Line Cards classifiable under CTI 8517 70 90
Capital goods under para. 09.08 of FTP includes furniture used indirectly for manufacture
CBIC increases AIDC on imports of platinum and Rhodium
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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