Custom Duty
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Govt prohibits export of Maps & Geospatial data of spatial accuracy
Courier Imports and Exports (Electronic Declaration and Processing), Second Amendment, Regulations, 2022 for facilitating E-commerce exports of jewellery
Conunmdrum of And/Or in Applicability of IGCR Rules, 2022 for Specified End Use
CBIC circular on Classification of Truck Cranes or All Terrain Cranes
Penalty u/s 112(a) imposed on customs broker as importer of undeclared/ undervalued goods not traceable
Customs Penalty u/s 112(b) unsustainable as appellant not dealt physically with alleged goods
Import duty Refund u/s 27 not admissible in absence of modification in self-assessment
CBIC extends anti-dumping duty on imports of Toluene Di isocyanate
CBIC amends Notification No. 75/2021-Customs (ADD) dated 21.12.2021
Notification No. 80/2022-Customs (N.T.) Dated: 21.09.2022
Custom: Even a partial prohibition will not prevent release of goods provisionally
Exemption from BCD & IGST with respect to import of cable laying vessel
CAAR allowed withdrawal of Application filed with wrong jurisdiction
Importer cannot be treated as original owner of Goods for Provisional Release of Seized Goods under Customs Act
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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