Custom Duty
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Imported Wap was entitled to an exemption from Basic Customs Duty
Amendment in Export Policy of broken rice against ITC (HS) Code 1006 4000
No Absolute Confiscation or Re-Export of Goods cleared for Domestic Consumption
Changes and Clarification on IGCRS Rules, 2022
AGMARK certification requirement for imported food consignments postponed
Objective of giving show cause notice is not an empty formality: HC
Customs procedure for export of cargo in closed containers from ICDs to Bangladesh using Inland Waterways
Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022
Voluntary deposit made during investigation & appropriated against demand cannot be treated as pre-deposit & thus cannot be refunded
Axe Universal Oil is a Ayurvedic product classifiable under Chapter 30
CBIC prescribes export duty on specified Rice products
Notification No. 48/2022-Customs, Dated: 07.09.2022
IGCR Rules applicable with effect from 01.10.2022
Risk-based processing of shipping bills with claim of duty drawback – Reg.
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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