Custom Duty
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CBIC increases basic customs duty on imports of platinum
SC decision on classification of ‘relay’ not applicable to all goods: CBIC
Customs Exchange rate for Import & Export wef 01st October, 2022 of Pound Sterling
Tariff Notification No. 84/2222-Customs (N.T.) | Dated: 30th September, 2022
Notification No. 86/2022- Customs (N.T.) | Dated: 30th September, 2022
Extended period of limitation cannot be invoked due to mere change of departmental view
CBIC prescribed TRQ for specialty sugar to 30,000 tons
Customs broker liable for the act of employees
Seeks to further amend notification No. 50/2022-Customs, dated 30.06.2017
HC dismisses PIL for prosecution of person who fails to make timely voluntary disclosure of possession of exotic animals/birds
Amendments to RoSCTL Scheme
Amendments to RoDTEP Scheme
Customs Exchange rate for Import & Export wef 27th September, 2022
Comparison between UK & INDIA counter measures on steel dumping (Cold Flat Steel Products)
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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